Contract Management

I'm under contract on a townhouse for investment property in Texas, and escrow close was scheduled for Aug 1. Completion has been pushed back at least until Aug. 21. The property management (which is paid through assn. fees) neglected to lease it for fall, although it was built primarily for students. Now I am awaiting closing on a townhome that is virtually unleasable until at least Jan 1.

Questions are: How long can completion go beyond scheduled escrow close date before buyer gets the right to back out and not lose earnest money? Does this have to be explicitly stated in the contract? Would I have to add a contingency and do I have a right to do so as a buyer?

The date on your purchase agreement should be good to a certain date. The close date doesn't really matter if it is on or before that agreement date. If the close date is after the agreement date then you have the right to cancel and should be able to get your deposit money returned.

You could add an addendum to the contract, but it would need to be agreed upon by the seller, and I would expect they wouldn't want to do that.

I have received a offer letter from BOWMER & KIRKLAND CONSTRUCTION COMPANY UK in my mail ID.?

2 Responses to “New construction townhome not done by escrow close date? Buyer ever have right to cancel and get deposit back?”