Legal Question in Real Estate Law in Nevada
Buyers late in closing
We had accepted an offer on the purchase of our home in NV and the buyers were supposed to close on 10/25. The purchase is contingent on the sale of an apt complex our buyers are selling in CA which was scheduled to close 10/15. Because we were moving out of state after the sale of our home, our realtor told us we could sign the paperwork early and that we did not have to be present for the closing. So we signed paperwork on 10/11 and were told that everything was set. On 10/23, I called our realtor to make sure everything was in working order. We had not heard anything otherwise, so we had assumed everything was on schedule. However, she told me that escrow would not be closing on the 25th, and in fact, the buyers' apt complex had not yet even closed. The sellers' realtors are claiming that escrow on their apt complex is delayed due to ''backed up paperwork'' due to so many people taking advantage of low interest rates and buying/selling in the southern CA area. The only information we have received is that they're running late and no one can give us a timeline. Generally, what are our options? Shouldn't we be allowed to charge them for being late? And/Or be entitled to the earnest money? Thank you in advance.
1 Answer from Attorneys
Re: Buyers late in closing
Without a review of all pertinent documents, it is difficult to articulate all of your options. But it does appear that you agreed that your sale would only happen if and when your buyers' apartments turned into cash. So if that does not happen for reasons beyond the control of your buyers, you have no rights.
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