In danger of breaching contract to deliver vacant

[Jobee Vincent Buenaventura]

Hey everyone,

Just wanted to cut to the chase, the rider was signed to deliver the property vacant (my mistake). We just finished the inspection phase and at this point under contract my tenants don’t believe they can move out by the closing date at the end of this month. We are exploring the cash for keys option but the tenants aren’t sure if they can find another place in time and have the unit cleared by then. So I can’t guarantee to the buyers when the property can be delivered vacant.

Do I have any other options? Is this something buyers would sue for if it’s even worth filing a lawsuit?

Looking for advice. Thank you!

[Matt Devincenzo]

Have you talked to your buyer yet to see if they will delay closing 2 weeks or a month? Depending on their financing and timelines it may be more or less critical to close on the date stated. If it is critical then you may need to expend some money to help relocate the tenants in time, if it is less critical maybe you can get some additional time for the tenant to move. 

This is a conversation you need to start having on both fronts immediately.