Critical Dates - Posted by Phil (CO)

Posted by Phil (CO) on April 22, 2002 at 15:02:31:


Critical Dates - Posted by Phil (CO)

Posted by Phil (CO) on April 21, 2002 at 23:59:15:

I have a question about dates. I have an option to buy a house that expires on May 31. The seller has recently become uncooperative because he thinks he can get more for the house than my option states.

Assuming he is actively seeking another buyer, is it the new buyer’s contract date or the new buyer’s closing date that would be important? I am concerned that he will contract a new buyer some time within the next six weeks, and simply schedule the closing for after May 31 to get around me. If he has to wait until after May 31 to even sign a new contract, I’ll sleep a little better.

A related question - would I have to close by May 31 or would I simply have to execute a purchase agreement by May 31?

I recorded the option, so there is a cloud on the title that will be difficult to avoid.

Since I don’t have access to the house (even though my option agreement provides for it), my plan is to simply let them get the house under contract with a new buyer, and when the title company discovers my agreement, to negotiate with the buyer for an assignment - likely to save them $10k+. I am assuming the Seller’s Real Estate Agent doesn’t know about my option. However, if they can contract now and simply postpone the closing, I won’t find out about the new buyer until it’s too late.

I know that I could simply exercise my option, but for reasons that would be too long to go into, I don’t really want to buy the property. An assignment is likely to be much simpler and possibly more profitable.