Turnkey company taking long to complete renovations.

[Jonathan C.]

I am in the process of purchasing my first turnkey rental property in St. Louis from a turnkey provider. The contract stated that all renovations would be completed and a renter would be in place by Feb 28, 2022. At the end of February, the provider sent me a contract addendum moving the completion date to March 31. I have now received word that renovations won’t be ready until at least mid April.

My mortgage broker informed me that my mortgage rate lock is going to expire on March 14. To hold the rate, I will then have to pay about $13 a day. Depending upon how far the closing date gets pushed off, this could run me hundreds of dollars, if not more.

Is the turnkey provider in any way responsible to pay for my holding costs? After the March 31 contract expiration day, it is reasonable for me to ask him to pay my holding fees?