Legal Question in Real Estate Law in Florida
a bank in florida offered a property for sale I accepted, did all of the paperwok through a licensed r.e. agent, was approved and paid a down payment. after several months,the bank cannot furnish a clear title to the property and is asking for the second extension. It has and continues to cost me much money, I do want the house but there does not seem to be any light at the end of the tunnel. Please advise. Thanks, James caswell
2 Answers from Attorneys
I see this in virtually every situation like yours. I don't recall a case that ever closed on time. That is why I caution all my clients that they should not be expecting to close on time, and that there can be substantial delays. Why it happens I can't tell, though often it has to do with how the mortgage was first foreclosed in that it was defective, and must be done again.
You have 2 choices, wait or move on. If you wait, be prepared to wait as long as it takes to do. The longest I have had to wait is 13 months. The shortest was 3 months.
Unless the contract stated "time is of the essence", you must wait or cancel.
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