I had sold my townhouse recently and the closing date was end of Feb 2006. Now the buyer agent has come back asking for extension of the closing date to end fo March. They have put a deposit of $6k. Take it or leave it scene. I am not happy abt this since I will be paying the mortgage for March and other expenses total of abt $1k. We tried to increase the selling price by $1k but did not go thru. My agent has taken the property out of the listing.

Is there anything I can do? Since they have given the deposit and had agreed to the Feb end closing, are they breaking any agreement? Is it a common practice extending the closing date after signing and putiing down the deposit? Looks like I am tied to this. I am wondering should we put the property back on MLS and wait for another deal? My agent is putting pressure on us to accept the deal.
What a hassle!


DIO

your agent wants to finish the deal. maybe u could ask them to pay the mortgage for the month and u will close a month later.

Dear Desi in Ottawa,

Provided this is a firm deal, you are under no obligation to push the Closing date from what has originally been agreed by you and the Buyer on the Agreement for Purchase & Sale. If however, the agreement was still conditional (means the deal is not firm yet), the Buyer may leverage this to get out of the deal unless the date was agreed to his convenience.

If you think you can accommodate the Buyer with the requested closing date but it is going to cost you, you should insist on them paying these.

There is no need to feel pressured by your real estate agent if your deal is firm. If you need more information or further assistance with this, please PM me or call me.

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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK

Thanks Rajeev.

Spoke to my lawyer. This deal was conditional. the buyer has some problem with taking money out of RRSP (would be hit with penalty if he breaks it, that's what I have been told by the lawyer). Finally I agreed to extend the closing date with assurance from the lawyer that there would be no more extension otherwise they would lose the deposit. I have to lose $1k., at least let this be done and I can move on.

DIO

Dear DIO,

Since deal was conditional, don't feel you are losing $1K. It is part of the game. It is still your townhouse till it is sold. If it is not sold you will have to pay next month's mortgage and next month's.

So cheer up. You are doing fine. You are gaining experience.

Quote:

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Orginally posted by LD

Dear DIO,

Since deal was conditional, don't feel you are losing $1K. It is part of the game. It is still your townhouse till it is sold. If it is not sold you will have to pay next month's mortgage and next month's.

So cheer up. You are doing fine. You are gaining experience.

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Yeah it's not a bad deal either. I am getting a price greater than what I had asked when I tried to sell on my own. I am making a decent profit, so $1k should not matter at this time.

DIO