The seller is unable to find a replacement property by the time the sixty day escrow closes. They have requested an extension of thirty days. If we do not agree to that extension, will we lose the appraisal fee, the home inspection fee, and our deposit?
Most Purchase and Sale contracts oblige the seller to close unless for some reason such as a tenant in the premises or a title issue. That fact that a seller hasn’t found a place to live in time is not your problem and is not covered in the standard P&S Agreement. If you agree to delay the closing, it would have to be conditioned upon your financing also being extended. In this circumstance no buyer should lose their deposit. Other costs such as inspection fees and bank costs might be at risk. I would want all of that covered in any extension agreement that was negotiated.
Contact the Brookline Real Estate Attorneys at WSJ. We serve the Brookline, Massachusetts community including the neighborhoods of Brookline Village, Aspinwall Hill, Chestnut Hill, Cleveland Circle, Coolidge Corner, Longwood medical, and Washington Square.