Legal Question in Real Estate Law in Florida

Re: Purchase Contract

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

Delays on the part of the Lender do not extend your date of closing. If the Contract was contingent upon a mortgage, the failure to obtain the mortgage would allow you to receive the return of your deposits and avoid any default thus causing the loss of deposits paid to the Seller.

There are certain conditions precedent to closing that the Seller must comply with which, if not done, would serve to extend the time for closing. This includes providing proof of clear title to the Buyer.

I strongly suggest that you consult with a qualified real estate attorney to discuss all the specifics of this matter. You will then be able to know exactly what your rights and obligations are in this case.

Scott R. Jay, Esq., 305-249-8000