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Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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If the relocation company is not on title and our close of escrow is over, can they charge

Customer Question

If the relocation company is not on title and our close of escrow is over, can they charge us a penalty even though its in a contract we signed with the reclocation company?
Ok so our offer got accepted about 2 months ago and the loan company is very slow in processing the loan. Yesterday was the last day to close escrow but it looks like its going to be another week. We signed a clause stating that we agree to pay $520 a day for every day we are late in closing escrow. the sellers have given the rights to sell the house to a relocation company that is handling the sale. They will come on tile once the loan documents are sent to escrow and they transfer the title to us before closing day. my question is can they enforce the late fee even though the bank dropped the ball on timing and not us the buyers and secondly can they enforce the late fees even though they are not on the title as sellers?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  socrateaser replied 2 years ago.
Hello, Can you please provide the exact text of the penalty clause? Thanks in advance.

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