Closing in four days--Seller still showing apartment
I recently signed a contract for a Cobble Hill co-op unit. We are scheduled to close on Tuesday of next week. I just found out that even though we’re scheduled to close in 4 days, the seller has still not signed the contract (the “executed contract”). I was told that the seller will be signing…
I recently signed a contract for a Cobble Hill co-op unit. We are scheduled to close on Tuesday of next week. I just found out that even though we’re scheduled to close in 4 days, the seller has still not signed the contract (the “executed contract”). I was told that the seller will be signing the contract on Monday, the day before closing. I also just learned that the seller is having another open house this Sunday, just 2 days before we close.
I fully understand that a seller can and should continue to show his/her property until the buyer signs the contract, and for back-up offers, but in this case, I signed and returned the contract a while ago, and we’re supposed to be closing in a few days. Is this standard? Thank you.
To zeebee in bklyn.
I think the title search is done by the title compay and then the buyers lawyer goes over it, carefully.
In addition to getting title insurance to secure clarity for the buyer.
I hope i am right.
I don’t want to mislead anybody at a crucial time.
The bad part is buyer will have to tip the title guy at closing which is insane due to the nightmare that is going on for the buyer.
The title guy make a big fat amount of money.
Why the obligatory tip?
I am equally perplexed as most commenters. I just can’t imagine a closing even being scheduled before a contract is signed by both parties. It just seems illogical and bizarre. When I bought my apt (granted I did have a mortgage) my attny and the seller’s attny couldn’t even move forward without a signed contract. That’s just the bottom line.
Why not go to the open house? Better yet, send your lawyer.
Meant to write: without a signed contract you have NO agreement from the seller.
Please tell us you didnt use an attorney recommended by the seller – right? Or worse, you are not using the same attorney as the seller?
I think everyone is being a little bit harsh on the original poster. Lets give him a break. We all know how stressful buying and selling can be and we aren’t all experts.
But everyone is essentially correct – without a signed contract you have agreement from the seller no matter what he is saying. If you are getting some amazing deal on this place that you think someone else will snatch up in 24 hours and all cash, then you are in trouble. Otherwise, he will likely not find a buyer in the timeframe and you will get the place anyway.
But its totally sleazy of the seller to be saying one thing and doing another. Be extra suspicious of him/her and make sure your contract covers exactly what you paid for.
Most importantly your lawyer seems to be asleep at the wheel. He should be advising you rather than us – that is what you are paying for!
Call your attorney this morning and demand that you have a signed contract by 11AM or you’re out. If the seller hasn’t deposited your check or signed the contract, you have no deal and no legal leg to stand on if the seller bails on Monday. Never ‘assume’ the seller signed anything; you should have had a signed copy of the contract LONG ago.
Whether or not you have a contract, fire your attorney at 11:01 AM. He is taking you for a ride. Whatever you’ve paid for legal advice, you’re not getting it. Did the attorney even do a title search?
First off, I’d just like to thank Ysabelle for my new favorite saying, “his ass is dancing at 2 weddings”. That’s priceless!
So, let me get this straight. Both attorneys and the title company agreed to a closing date without a signed contract? I’ve never heard of such a thing. I suppose there’s something to be said for having a mortgage because this would never happen if a bank was involved. Is there a realtor involved? I would either call another attorney to get his/her opinion and/or call the seller’s attorney to confirm the closing date. And call the title company too! Hopefully, you have some kind of paperwork so you can find these numbers.
The whole thing seems weird. In addition to what everyone else said, if you don’t get a signed contract til Monday and you close on Tuesday, when do you get your 48-hour walk-through? At the open house? Half an hour before closing?