?? for Brokers, Realtors or Atty in Florida

A friend and we talking about a property he is trying to acquire. Prior to getting final mortgage, property needs to be tented for termites and have a few things fixed. Owner is not willing to assist except for partial payment of tent. Closing is set for next Monday.

In discussing this, he said an agent told him that as long as he has made some improvements prior to the sale, he has interest in property and owners must give him extra time if necessary. Owners do not want to provide extension of time to get items fixed because they seem to want out and say they have another buyer. Contract has been in effect less than a month. All that needs to be done now is tent for termites.

Can they deny the extension although he has made repairs?

Is this the same property that we’ve talked about in another post?

I’m not in FL, but the basic premise is still the same. In fact, moreso in this case.

If the phrase “time is of the essense” is not put after the closing date, then the buyer has a “reasonable” amount of time to get the deal closed so long as the buyer has made every effort to do so in a timely manner consistent with the terms of the contract.

In this case, the cause of the delay is with the property itself which the seller owns. In essense, it is the seller’s fault that the contract cannot close on time, so he cannot simply cancel the contract and sell to someone else. In fact, without seeing your contract, if it is a standard REALTOR contract, then there is probably some language in it concerning pests and the costs/time to remove them.

I think that it’s time that your friend get an attorney to convey some information to these sellers about what is going on and how it needs to proceed.

Raj

In order to truly determine whether the Seller can “back out” or not you need to review the purchase agreement. If am a licensed attorney in Florida.

Jaret Turkell

No, its not the same one Roger although, in thinking about it, it does sound similiar. I spoke to my friend Darryl about this one.

He just seemed to be very concerned. I figured that you all could help.

Thanks for all of your replies.

Geesh, what is it with the FL market and sellers wanting to cancel the deal? Is the market so hot there that values are going up in a matter of weeks? From my information, that ain’t so anymore.

Raj

The market has definately cooled off down here. It is possible that the Seller has a back up offer. The market here (miami) went from scorching hot to ice cold almost instantly.