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Updated almost 17 years ago,
Seller not providing docs
Hello. I got great advice here before. Thanks again. Current dilemma:
I made an offer to buy a home which is owned by a bank (foreclosure). The seller accepted my offer, signed a purchase/sale agreement. Expiry of agreement is Feb-27.
Home passed appraisal and I was approved by a lender, and I put down 30% ($95k) of my own money.
Monday Feb-11 I delivered $95k to a Title company, and signed a stack of documents for the loan in front of a Title Officer. Typically, once this is done the deal is "recorded" at the county within 2 days and I get the keys. Stated closing date was Feb-14.
Feb-14, the title company advised that they were waiting for a "Signed Warranty Deed" from seller. Feb-15 (today) I got the same story "still waiting for seller to sign and courier to us the warranty deed". They said "we will call you on Monday with any updates".
My loan rate-lock expires Mar-01, if the deal is not recorded by then it will cost me a fortune due to increased rates. Aside from that, Feb-27 is contract expiry.
Shall I hire a lawyer to ensure that seller performs on the contract? They did, after all, sign an agreement to sell by Feb-27.
I am not sure if this is just a clerical delay. Hypothetical: if someone else offered them double the price for the home, they still can't sell it to anyone else because they already agreed to sell it to me, right? Isn't my real estate agent's good offices (huge company) responsible for providing me legal counsel or do I need to get one on my own? What would you do at this point--wait longer? Monday is a bank holiday... I still have time but the clock is ticking and I want this over with.
Thanks for any advice.