|10-13-2012, 07:40 PM||#1|
Join Date: Sep 2012
Location: Montreal, CANADA
Update in post #14: Should I/Could I walk away?
I found a good contract through Fidelity, and the sellers accepted my offer on Thurs Sept 26th. (200 SSR Dec, 200 banked '11; 200 '12 and on; 57/pt, seller pays '12 mf's and I pay closing). We both received the contract via email on Fri Sept 27th.
I had my docs signed and faxed over that weekend. (edited to add: "I was advised yesterday that") The sellers didn't sign and send theirs until this week (Oct 10th), a full 14 days after receiving them. They're in the UK, and I remembered reading that it can be a little complicated getting documents notarized over there. After a bit of research, and after receiving a copy of the executed contract, I realized that this first set of documents was simply a print/sign/fax deal for them, with no notary involvement needed (yet).
I'm concerned that this is a sign of things to come. If it took them this long to simply sign and fax something, can you imagine how long they might take to find a notary for the closing documents? It could involve travelling to a different part of the country, and making an appt weeks ahead of time.
So I'm wondering if I should cancel this contract while I still (might) have time. My docs say that I had 10 days from the time I signed (sept 29th) so Oct 8th... But the contract also says that if it isn't executed by Oct 8th, the buyer gets their deposit back. It wasn't actually executed until they signed on Oct 10th. I think I have a case if I choose to walk away from this now, and get my deposit back.
The contract also states that it should close within 95 days of the execution date. Is this standard? I know that it is reasonable to expect it to close way before this, but the sellers could legally drag their feet on this and take the full 65+ days after passing ROFR without consequence. I have no intention of waiting that long.
I'm considering sending an email to my broker to request that they ask the sellers make an appointment for a notary immediately, advise me of the appt date, and assure me that they will get things done on their end in a timely manner, or I will cancel.
So I guess my questions are (in your opinion)?
1. Am I legally able to cancel? (edited to add: based on the seller not fulfilling their obligation to return paperwork by Oct 8th).
2. Am I right to be concerned?
3. Would you walk away if you were in my shoes?
As a side note, I have two other contracts in ROFR right now, one SSR 100 (that should pass), and one 210 BCV (that is likely to not pass). I dont NEED this contract, but I have a trip planned in March that I was hoping to be able to use these points for (yes, I'm prepared to be at SSR, but would still like to try for AKV). Anyone ever been in this situation?
Last edited by Lizard Valley; 12-12-2012 at 12:32 PM.
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