Legal Question in Real Estate Law in New York
The Builder wants to charge me $1,495.00 (23 days @ $65.00/day) for the delay in closing which under the contract they have the right to do. However, the contract states that the fee can be imposed if the Buyer holds up the closing date. I did not have the clear to close from the Lender so it was their fault. Do I have any options here?
K. Hansen
1 Answer from Attorneys
It probably will not surprise you that, with regard to contracts, the magic is in the language that is actually employed. Thus, it's very difficult to respond meaningfully to your question without knowing the actual words that were used in the contract.
I can tell you, however, that if your purchase was (as appears to be the case) contingent upon your receipt of appropriate financing, then a delay in procuring that financing may work to your advantage here. Of course, I do not know whether you had earlier waived the contingency clause.
In short, you do not provide enough information, but I think that there is a reasonable likelihood that your argument that any delay was caused by the lender is potentially advantageous.
Good luck to you.
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