Hi All,
I have an accepted offer due to close on July 2 in central AB. I knew it was an estate sale upon offering, and aked my realtor about probate, who in turn asked the listing agent. I was told there should be no problem with the closing date. I lined up financing, had an appraisal, (which I will have to pay for if I don`t do the deal) Had reno quotes done, and ready to order windows, flooring, line up a painter etc. I had hoped to have the place rent ready by the end of July or mid Aug to target the back to school rental rush. A day after I lifted conditions, my lawyer phoned and said the sellers lawyer told him they hadn`t yet received papers from the bank and therefore hadn`t even filed for probate, so we are looking at a very minimum of six weeks til possession. Probate is all Greek to me, but what I do know is I will miss a prime rental market, possibly a couple of months rent, I can`t order windows and flooring etc without knowing my possession date (which means the property could sit idle as I wait for these items for 6 to 8 wks) My lawyer says I have no legal obligation if they can`t meet our closing date.
I see my options are to walk, to try and renegotiate a better price (my realtor says there is still a back up offer in place) or just ammend the closing and stay with it. Is there any way to penalize the sellers (ie so many $ per day late on closing?)?
I am just throwing the feelers out for anyone with a similar experience, and thoughts an opinions on this scenario.
btw I used to deal with the sellers lawyer and have moved on because he would never return calls, took up to 90 days to get final paperwork to us on purchases etc. so I know he is a slow mover, and when he sees our name on the papers it may slow him down more (we have also moved our construction business away from him as well)
Looking forward to your input,
Mark
I have an accepted offer due to close on July 2 in central AB. I knew it was an estate sale upon offering, and aked my realtor about probate, who in turn asked the listing agent. I was told there should be no problem with the closing date. I lined up financing, had an appraisal, (which I will have to pay for if I don`t do the deal) Had reno quotes done, and ready to order windows, flooring, line up a painter etc. I had hoped to have the place rent ready by the end of July or mid Aug to target the back to school rental rush. A day after I lifted conditions, my lawyer phoned and said the sellers lawyer told him they hadn`t yet received papers from the bank and therefore hadn`t even filed for probate, so we are looking at a very minimum of six weeks til possession. Probate is all Greek to me, but what I do know is I will miss a prime rental market, possibly a couple of months rent, I can`t order windows and flooring etc without knowing my possession date (which means the property could sit idle as I wait for these items for 6 to 8 wks) My lawyer says I have no legal obligation if they can`t meet our closing date.
I see my options are to walk, to try and renegotiate a better price (my realtor says there is still a back up offer in place) or just ammend the closing and stay with it. Is there any way to penalize the sellers (ie so many $ per day late on closing?)?
I am just throwing the feelers out for anyone with a similar experience, and thoughts an opinions on this scenario.
btw I used to deal with the sellers lawyer and have moved on because he would never return calls, took up to 90 days to get final paperwork to us on purchases etc. so I know he is a slow mover, and when he sees our name on the papers it may slow him down more (we have also moved our construction business away from him as well)
Looking forward to your input,
Mark
