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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 42316
Experience:  Texas Attorney for 30 years dealing in real estate
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I am a seller of a property. My house is under contract with a fha buyer. I have just rece

Customer Question

I am a seller of a property. My house is under contract with a fha buyer. I have just received the amendatory clause and the mortgage contingency date is today June 30, 2015. Do I have to sign these documents for the buyer to obtain financing and am I in breach of contract if I do not sign them?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Ray replied 2 years ago.
Hi and welcome to JA. I am Ray and will be the expert helping you today.
Let me make sure I understand this correctly.You have an existing contract and they want an amendment giving them more time to close beyond June 30th is that correct.And is the idea that they cannot complete financing if you do not agree??Just want to make sure I fully understand so I may assist you here.
Thanks again.
Customer: replied 2 years ago.
no. the mortgage contignecy date is today. I was provided with a FHA amendatory clause, a termit inspection report and a real estate certificate that I have to sign by today. I have had some problems with my realtor and I no longer want to sell my home at all. Am I in breach of the contract if I do not sign these documents, let the mortgage contingency lapse then provide in writing my option to terminate the contract as of midnight tonight?
Customer: replied 2 years ago.
I am in Connecticut if that makes a difference. I signed the sales contract on May23. I just received the additional docs on June 26.
Expert:  Ray replied 2 years ago.
You have to sign here if they can close by the end of the time for closing in the contract.You can negotiate your way out of the agreement if you don't want to sell offering them their money back in return for a release.But if they have complied here otherwise from their side you need a release if you want out of this and to cancel the sale.Otherwise if you do not provide the documents you would be in breach of contract. If the buyer here cannot complete the sale by the end date then the sale is cancelled and you get to keep the earnest money.But as you present it you have to sign or resolve it and get a release here if you want out of the sale.I would contact the realtor and tell them you want out of the contract and will refund the money if they agree to release you.
Expert:  Ray replied 2 years ago.
You have options but you need a release from buyer, it is called sellers remorse.Don't apologize it happens alot.I wish you the best here.Thanks again.