Offer accepted, Time is of Esence to close Bank cant close

[Michael Lauther]

I put $500 earnest money and bank countered and I accepted counter . they stipulated that if I could not close by 8/20/12 they would be entitled to $100 per day. i am ready to close they cannot get title cleared in time and title company now estimates not closing before 08/28/12 as there is an issue with sheriff sale not being recorded properly. I used the banks title co per their request and they agreed to pay title ins. What issues do I now have to consider. I still want the property but the delay will cost me a section 8 tenant I had lined up to rent. I asked my RE Agent to get clarification about an extension. I certainly shouldnt have to pay if the Bank cant give me clear title.

[J Scott]

Originally posted by Michael Lauther:

J Scott Thanks for the reply. Is there any recourse if the bank continues not to be able to close and fulfill their end of the contract?

Generally speaking, your only recourse would be to terminate and get your EM back (once the contract expires). Otherwise, you just have to wait it out...