Thread: If delayed settlement due to SELLER fault, can I charge them?

Originally Posted by BigBriDrol

Can I charge an amount per day late because I now have to find living arrangements for the time delayed.

Also, the deposits that I have put down have already been cashed? Can I charge interest?

If yes, how much can I ask for?

Once again it comes down to the agreement that you signed with the seller... Does it have provisions for what you are asking? If not, then it is a little late in the game to add them. I am sure that if you amended the agreement now, you wouldn't get the seller to agree to them. So read the sales agreement and see what you have. Maybe these clauses would be good to add to your future documents (see experience does provide you with something,) but I don't think the standard sales agreement has what you are seeking.

What you do have is a way to exit out of the agreement, as the seller is in breech of the contract, and therefore you should get your monies back, if you want to expire the contract, but as far as charging a per diem rate, you need to look in the agreement. (I know that in the WI standard sales agreement, there is a clause for not moving out AFTER the closing, but nothing about delaying the closing.) I will use your experience to add this clause to all my future documents, as I can see where it would help.

So, once again you need to refer back to your agreement with the seller. (I am starting to loose track of how many threads I have said that about in the past week... Sure seems like a LOT!)

Later.

Originally Posted by REITrainingWhse

Once again it comes down to the agreement that you signed with the seller... Does it have provisions for what you are asking? If not, then it is a little late in the game to add them. I am sure that if you amended the agreement now, you wouldn't get the seller to agree to them. So read the sales agreement and see what you have. Maybe these clauses would be good to add to your future documents (see experience does provide you with something,) but I don't think the standard sales agreement has what you are seeking.

What you do have is a way to exit out of the agreement, as the seller is in breech of the contract, and therefore you should get your monies back, if you want to expire the contract, but as far as charging a per diem rate, you need to look in the agreement. (I know that in the WI standard sales agreement, there is a clause for not moving out AFTER the closing, but nothing about delaying the closing.) I will use your experience to add this clause to all my future documents, as I can see where it would help.

So, once again you need to refer back to your agreement with the seller. (I am starting to loose track of how many threads I have said that about in the past week... Sure seems like a LOT!)

Later.

Thanks again for the help.

It just seems pointless then to make a settlement date if no-one is forced to abide by it.

I am sure the sales agreement was a normal one so then I doubt there is this provision. It is just so frustrating that the seller can just drag me along without penalty while I am forced to find temporary housing.

Like REITrainingWhse said you can now break the contract and retrieve your earnest back as the Seller is in Breach. You can always ask for more back from the Seller every time they come to you with a change to the original contract in the form of daily interest on your Earnest money or a drop in purchase price. Just remember that every time you sign an extension your Ernest money may be in jeopardy if you decide to walk from the contract before the extension dates are up.

Originally Posted by RedCarpetSchool

Like REITrainingWhse said you can now break the contract and retrieve your earnest back as the Seller is in Breach. You can always ask for more back from the Seller every time they come to you with a change to the original contract in the form of daily interest on your Earnest money or a drop in purchase price. Just remember that every time you sign an extension your Ernest money may be in jeopardy if you decide to walk from the contract before the extension dates are up.

OK so I understand this correctly, I can ask for interest on my deposit (which was cashed)?

Also, I do NOT want to walk away. I want the house. I am just frustrated I will not have it at the agreed upon date (for monetary reasons as well).

Any time one side of a party to a contract wants to change anything in the contract (ie the closing date) the entire contract is up for renegotiation.

Originally Posted by RedCarpetSchool

Any time one side of a party to a contract wants to change anything in the contract (ie the closing date) the entire contract is up for renegotiation.

OK thanks. Possibly last question:

If I ask for an interest charge / money for temporary housing will this give them an opportunity to then get out of the contract and having it be my fault then (thus I lose all expenses)?

(I do not want to do anything to jeopardize losing the house, but I do want to try and get some money for interest and such)

[COLOR=black][FONT=Verdana]In a nut shell if they come to you and want to extend the closing and you say no unless they pay

[QUOTE=RedCarpetSchool;57476][COLOR=black][FONT=Verdana]In a nut shell if they come to you and want to extend the closing and you say no unless they pay

Originally Posted by RedCarpetSchool

Any time one side of a party to a contract wants to change anything in the contract (ie the closing date) the entire contract is up for renegotiation.

Guys... Just remember, renegotiation could mean that the agreement could be cancelled by either party (since you now don't have an agreement.)

So, do not think you hold all the cards, since they want an extension, as if the seller decides not to agree with your new terms, the whole contract becomes null and void, therefore you will get your earnest money back, and any damages for the seller's noncompliance, and you lose the house. So be prepared for that.

Once again, it looks like we have an emotional buyer, which benefits the seller... Guys, it is only a house! There are hundreds of them out there! Don't get emotional in your buying decisions.

Enough said.

Later!