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Page 18 of 34 |
What legally can be done to block a holdover home seller situation? |
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| It is important that the contract have provisions included in it for handling closing problems and delays. Many contracts do not cover the issue of short delays. If these delays are not addressed in the contract, the party who is ready, willing and able to close will have to bear any costs resulting from the delay of closing. But if the contract states that "time is of the essence" as to the closing date, then you have the right to sue for failure to close. It is critical that the contract contain a full range of remedies for failure to close including a specified daily charge to be paid by the seller for failure to close or vacate the property by the closing date. |
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