What if financing is not in place by the closing date? | Freilich Law | Michael Freilich | freilichlaw.com | (410) 321-0040
It depends if you’re the buyer or the seller. Either way, the first thing to do is to look at the contract of sale instead and see what it provides in the event that closing needs to be continued for the financing to go into play. Most consult a real estate attorney who also does litigation to know what you can do. Many contracts that the realtors write have time is of the essence which means that unless there’s language otherwise in the contract that if you can’t close you don’t have financing there’s a breach of contract. So you need to look at the breach of contract clauses. Typically sellers will need the contract closed by a certain date for them to buy their new home. So there are a lot of things that are put into motion and a lot of different interests again, you must have a knowledgeable real estate attorney help you through this particular thicket.