I had 'sold' my home mid may with a closing date of June 26th. Since then the buyers have extended the closing date 3 times, and in turn I have had to ask for extension 3 times from the condo I had 'purchased' has this been happening a lot since the market has shifted? Can the buyer now give me an (under purchase) bully offer since I'm in a tough situation that I need to close or else I lose my condo??
I've received a couple of emails and ASK-TRB's on this subject in the last couple weeks, so it seems like you're not alone, and there are deals out there that aren't closing as scheduled.
You mentioned below, "The buyers have extended the closing date three times," but keep in mind that this is not something they can do on their own, without you agreeing. You have clearly been advised by your lawyer to allow them to postpone the scheduled closing, but you do have the option to say "no," which would put them in breach of contract, and ultimately legal action would most likely see their deposit forfeited to you.
In the event that you re-sold your house for less than the first time around, those original buyers would be liable for the loss.
In reality, most people choose to take the course you have taken, by agreeing to postpone closing, in hopes that the buyers will eventually close.
Keep in mind that for your condo purchase, the seller is under no obligation to allow you to postpone, so if you don't close as scheduled, then you could be in breach too.
Just because the buyer of your home asks for (and receives) an extension on closing, does not mean you are entitled to receive the same for your purchase.
I'm afraid I don't understand your question about the "bully offer," since a bully offer is when a buyer submits an offer on a property listed for sale, before the scheduled offer date. I believe you may have mixed up some terminology there. But I think you're asking, "Can the buyer give me LESS than we had contracted/agreed to in the accepted offer," and the answer is a resounding, NO. The buyer is legally obligated to pay the agreed-upon purchase price, on the scheduled date, or he or she is in breach.
The post The buyers of my home have asked for 3 extensions. Can the buyer now give me an (under purchase) bully offer since I'm in a tough situation that I need to close or else I lose my new purchased condo? appeared first on Toronto Real Estate Property Sales & Investments | Toronto Realty Blog by David Fleming.
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