I live in Ohio and have agreed to sell my home to a developer. I signed a purchase agreement with the developer , 2 times. The first for 6 months (on 12/08/07) , which ultimately expired and we had to renegotiate the purchase price. The extension gave the developer extra time to get all "his ducks in a row".

Today (8/17), I received a letter from an attorney representing the developer telling me that they want to set up a closing prior to the end of the month (August 2007). If we don't close by the end of this month (August/07), the extension expires and we would have to renegotiate the sale price once again. I still live in the home.

My question is as follows:

Is there a certain amount of time that the seller should receive so that he can prepare for the closing?

There was nothing laid out in the purchase agreement, in terms of closing time frame, nor was I contacted personally concerning the closing. Less than two weeks seems pretty rushed, to me. I personally think the developer wants to get this closed out before the end of the contract extension. I, on the other hand, would rather see the extension expire so that I may increase the sale price of my home.

Any help would be greatly appreciated.

Thanks for your help and God Bless Our Troops!

Sorry, but you cannot legally delay the closing to cause the contract to expire. Do you still live in the home? If not, I don't see why 2 weeks notice isn't sufficient.

Yes, I still live in the home. Shouldn't I get at least 30 days notice prior to closing? This was the only communication I have had in 2 months concerning the purchase agreement.

No, in fact since you should have all things ready for closing, a few days notice would be average.

Well your still living in the home presents an interesting issue. But you have been aware of this sale for more than 6 months. So it could be assumed that you had made arrangements.

I don't think you can stop the closing, but you can write it into the closing agreement that you have a reasonable amount of time to find a new place to live and move there. Of course, during that time, you would probably be required to pay rental to the developer.

Quote:

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Originally Posted by Tamtreppur

There was nothing laid out in the purchase agreement, in terms of closing time frame

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I'm confused, what is the working on the purchase agreement and/or extension? Any purchase agreement I've ever entered into as buyer or seller says "on or before Aug. 31, 2007". That means that the closing will occur on or before Aug. 31. If you don't close by that date then you would be the one breaching the contract and it would be up to them how they want to handle it from there.

I may be missing something here, but from what you said in your original post I guess I don't understand why you weren't prepared for this to close by the end of August like the extension stated? When did you think it would close?

I think the letter from the attorney is just letting you know... yup, we're ready to go, no more extensions from us. Our "ducks are in a row".

What am I missing?