Closing

[Chantél Fielder]

Hi there!

I am proceeding with a wholesale closing and have run into an issue. This is a non-traditional transaction as my buyer assigned is out of the country. The seller is aware of this and both parties have been accommodating of each other's time and circumstances that have arisen. Recently the EMD has been a topic as the seller was requesting that it be placed before myself and the property manager walked through an additional time (to be the eyes and ears for the seller as there was an eviction post my initial walkthrough).

The EMD establishes the firm date which is contingent upon the receipt of all documents including the title policy and survey (both of which are outstanding at the moment). My buyer wants us to see the property once more (and maybe conduct an inspection before he establishes the firm date and posts the EMD). This is understandable since he is out of the country, and since the firm date will lead to the closing. Our contract states that my buyer assigns must have access to the property (as necessary) before the firm date is established. I understand the seller wants the EMD, but also understand the buyer's concerns.

With all of the delays we are not at a standstill, but there seems to be a contract in place that will side with my buyer. 

Can the clauses of my contract with the seller obligate the seller to allow the buyer access to the property before the firm date?

All help/input is appreciated!

[Trevon Peracca]

I would definitely consult your attorney. Each state can be a bit different. 

@Ned Carey is from Maryland, maybe he can give you better guidance.

[Trevon Peracca]

@Charles Parrish

[Mike Cumbie]

Hi @Chantél Fielder,

When you say EMD placed do you mean given to the seller or put into Escrow? If it is in Escrow normally the seller won't get it until after closing (or buyer failing to meet part of the contract). If their is no EMD in escrow and I was the seller I wouldn't be getting title all set, allow inspections or an additional walk through etc.

Good luck with your transaction!

[Chantél Fielder]

@Trevon Peracca and @Mike Cumbie thank you for your feedback!

Mike, it was stipulated in the initial contract that the seller and myself signed that the EMD would come to establish the firm date after such walk throughs and inspection occurred. I feel that I have given both parties much sympathy throughout so that the deal can flourish and finalize and at this time do see where each is coming from as I would want a form of security if I were the seller and I would also understand not wanting to 1st deviate from the contract (as the buyer) and second not wanting to place EMD for a property that I would want a walk through on after a lengthy and albeit slightly confrontational eviction with the tenant.

This is where my issue lies.

At some point one or both parties has to bend!

[Chantél Fielder]

@Mike Cumbie also EMD put into escrow.