Legal Question in Real Estate Law in California
Trying to Close on Home Purchase
TIA - We are in escrow on a home purchase. Price is $775K. It appraised at $875. A divorce may be reason for the discount. The home was built in 1927 and is in good condition. Sellers bought it two years ago.
Contract date is 6/8 and COE was 7/3... concurrent with close of sellers' purchase, not contingent. Sellers are responsible for section 1 termite. Termite report were due to us by 6/15. On 6/12 we saw the sellers were dragging their feet on ordering a termite report, so we ordered our own. Nothing horrible. About $13,000 in work to do. Sellers refused to use our report. Finally provided their report on 6/24. Basically the same damage showed up!
Sellers say they will be starting termite work on July 1st. We now have an estimated close date of �maybe the 7th or 8th,� but it has been changing every day. Their agent is non-communicative and is unwilling to commit to a close date. His broker won�t get involved!
Questions: Short of �going legal� on them, how can we push them to stop dragging their feet, give us a firm closing date and abide by it? Do we have any leverage to push them on anything, or do we literally have to sit an wait for them to say �OK tomorrow we�ll close.�
1 Answer from Attorneys
Re: Trying to Close on Home Purchase
First of all, it is good to wait for the work to be completed, rather than to hold money in escrow, close on time and when you do the work later, you find out that there was more damage than expected.
The agents and brokers cannot be in total control, because everyone is dependant on the contractors doing the work. Plus, if they start the work and find more unforeseen damage, which does happen, it could take even longer to finish all the work that needs to be done.
Since they breached the contract (it would appear) you probably have the right to terminate the contract. The question is, do you want to do this.
You have the right to demand better communication from the agent and broker, but if you are demanding that they give you a firm date on something out of their control, you are being unreasonable.
The contractors should be able to provide some kind of estimated date of completion which you both can work with. As far as the broker not getting involved, you might want to send him a letter demanding that he get involved if the agent is unresponsive, or you will file a complaint with the DRE.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
