Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 8 months ago

What I have to do If seller is in coma two days before closing real estate deal. I can back up with out penelty?

9 Answers

Relevance
  • 8 months ago

    What does your lawyer say?

    • Commenter avatarLog in to reply to the answers
  • 8 months ago

    I presume you mean "back out without a penalty."  Yes, if the seller is unable to perform you can cancel the contract.  However, and it's very doubtful, if the seller signed a POA then closing can proceed.

    • Commenter avatarLog in to reply to the answers
  • Anonymous
    8 months ago

    Penalty of money is necessarily possible and important a thing.Now you are still looking like not defeated,but you can explain that:You are waiting! It is hard,but future is not waiting!!!

    • Commenter avatarLog in to reply to the answers
  • 8 months ago

    If the seller can't close on the closing date per the contract (may not be the day you were set to close, whatever date the contract had on it as the closing date) and there are no extensions in play then when that date passes then you may void the contract without penalty if the contract has the words "Time is of the Essence." written on it - at least thats the law where I am. Note, almost all standard contracts carry these words so unless you used a realtor contract or something then you can back out once the closing date passes and the seller was unable to close for any reason.

    If the contract doesn't have "Time is of the essence." written on it then you have to wait an additional 2 weeks before you can cancel the contract, if the seller is still unable to close after this time. Again this is just the law where I am, the details may vary state to state but are probably similiar if not the same.

    • Commenter avatarLog in to reply to the answers
  • What do you think of the answers? You can sign in to give your opinion on the answer.
  • Anonymous
    8 months ago

    Unless the seller has a power of attorney, you can get out of the real estate deal or at least delay the closing. I don't think any court would require you to complete the deal without the seller there or fully awake.

    • Commenter avatarLog in to reply to the answers
  • 8 months ago

    Back up? I have no idea what you are trying to say. Ask your lawyer. A contract is a contract. The closing should proceed.

    • Commenter avatarLog in to reply to the answers
  • 8 months ago

    doubtful...................only if there is an extensive closing delay...not a couple days. if it just happened 2 days before....and they aren't expected to wake up quick, there will be a delay, even if they have a power of attorney, but it could just be a few days..or if there is no power of attorney, one will need to be appointed 1st.

    if multiple next of kin are involved, any one of them can contest the sale if they don't agree with the choice of the POA.

    • Commenter avatarLog in to reply to the answers
  • 8 months ago

    What does that have to do with anything? If the seller has a representative who can sign the closing documents, that's all you should care about. No, you cannot get out of the contract without penalty.

    Attention, thumbs down trolls. Things like this happen more often than you would realize. Sellers die before closing. Their estate becomes responsible for honoring the contract, and the estate can legally pursue the buyer that attempts to back out.

    • Commenter avatarLog in to reply to the answers
  • Pearl
    Lv 7
    8 months ago

    maybe someone else can do his job for him

    • Commenter avatarLog in to reply to the answers
Still have questions? Get answers by asking now.