Legal Question in Real Estate Law in Rhode Island
Real Estate
Approximately 2 years ago we leased a house with the intention to buy (all written in the lease including the price of the house). After having spent over $20,000 in home improvements there was a misunderstanding on the closing date and we ''missed'' it by a couple of weeks. Do we have any recourse? What are our options?
1 Answer from Attorneys
Re: Real Estate
You may very well have recourse. This is a very fact intensive area of the law, so you really should consider hiring a lawyer with experience in similar such cases.
One of the first things that lawyer will likely do is read the contract to see if there is a provision (should be in bold print or at least easy to find) stating that "time is of the essence" - meaning that the closing date is such a key term of the contract, that it would be unfair to let you miss the date - again, though, the Court's analysis based on recent decisions will be based on all the facts and circumstances.
Every fact is important. For example, the fact that you improved the home is key.
Help whomever you meet with - and meet quickly, since time is crucial at this point - by preparing a detailed written chronology of events - just list every event on paper or - better yet, on your computer - starting with the first date and material event. Go back and revise and edit with your significant other to get the facts in a comprehensible order. That will save your lawyer time - and you money.
Best,
Scott