Legal Question in Real Estate Law in Maryland

Which party absorbs the cost when a closing date is not met?


Asked on 11/30/09, 1:09 pm

1 Answer from Attorneys

Robert Sher Wagshal and Sher

It depends on the language in your contract, the nature of the cost, and what the parties can negotiate. For example, if the buyer delays settlement beyond the closing date, the seller could ask for any costs incurred such as interest on his mortgage, extra moving costs, etc., in exchange for extending the contract. If the seller delays, causing the buyer to incur additional costs on the property he's moving from, the buyer could ask for those in lieu of cancelling the contract. But if the seller refuses, knowing the buyer isn't going to cancel, the buyer will have to absorb the extra cost.

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Answered on 12/07/09, 9:30 am


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