Hey gang, need your advice on a property that was supposed to close in NY
We were under contract, financing had been taken care of, approval was done with lender, clear to close was issued
This was a 3 unit, N/O/O property
Was waiting for proof of the 3rd unit to be occupied, which was contingent in the purch contract. After waiting forever to get proof, our lock expired on our mortgage, which we expired at a cost of .125%
Recently after tired of the games, we decided not to go through with this deal. We NEVER signed any closing docs.
The realtor said that the buyers attorney (it is an attorney state) is going to sue us!!! FOR WHAT, I am thinking??
Is there any basis for them to sue, need your advice and opinion
Even the contract says “Transer of title shall take place at the country clerks office or at the offices of the buyers lender on or before July 15th 2007” today is the 20th of Aug, so at worst case I would imagine that would let me out right? They made mention of something called a “Time of the Essence” which was never filed
Please give me your input, is there basis for them to sue or are they way out of line since no closing docs were signed and we were out of contract with no extensions?