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Updated almost 9 years ago,

User Stats

335
Posts
52
Votes
Chan K.
  • Lowell, MA
52
Votes |
335
Posts

Mass: Buying, Attorney Fee Closing

Chan K.
  • Lowell, MA
Posted

Hi BP Community, 

So, I am in the process of closing on a multi-family. I was supposed to close on the house sometime in mid-March. Due to fire alarm test failure by the fire department, seller asked that I close on the last week of March as he needs time for his electrician to correct the issue.

For multifamily, I hate the idea of closing at the end of the month. I always want to close on the first week of the month. This way, seller would prepaid all the rents for April, and it gives me time to settle and get everything setup with the tenant. 

The lender attorney would tell me that I push out the closing date too far (closing on the first week of April), and he still wants me to close at the end of the month. I already explained to him my reason, and it looks like he is not on my side. 

I thought as buyer, I can request to close whenever I want. (What is your opinion?)

I am in the process of just telling the attorney/seller agent that I want to close on the first week of April. If seller still wants to close at the end March and does not want to wait until April, then let's walk. FYI: I am not too thrill about the deal. It sat on the market for a  long time, and I am paying market rate ...

So, my questions:

Do I need to pay for closing cost or portion of closing if I walk before the closing occurred?

Will I be able to get my deposits back?

Feel free to give me your opinion or experience. 

Thanks,

-Chan-