# Buyer wants to postpone signed and agreed closing date, any reason for us not to?



## mungbeans (Mar 14, 2012)

Hello

The closing date for our property sale is in a few weeks (all the subjects were removed from the contract a few weeks ago).
However my realtor has informed me the buyers would like to postpone the closing date and put it back by a week, as the buyer of their property in turn needs to delay by a week.

My realtor says there's no consequences for us in doing so, and from out point of view it gives another week contingency to get things moved out of the apartment which is actually good.
However I would like a second opinion as throughout the entire listing and sale process my realtor has given me the impression they just want things finished simply and as soon as possible so they can get their payment.

We are not buying another property so there is no need for us to get the money earlier, there's also no mortgage so we don't have to pay a week's extra mortgage, however we would lose out on a week's worth of interest by not being able to put the money in the bank until a week later, so maybe we could do something like ask that calculated amount as compensation for agreeing to postponing the closing date.

But are there any other consequences we ought to be aware of before agreeing to postpone the closing date?


If we didn't agree to postpone the closing date, and the purchasers were unable to make full payment for our property by that date what would happen?
Thanks


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## NotMe (Jan 10, 2011)

In my mind this might fall into the category of good karma to do so. When we bought our house, because we came in with no conditions in a bidding war, our closing date was 2 weeks after the sale of our condo. So our agent was able to talk the buyers of the condo into coming in a week later, and the seller of our house into leaving a week earlier. It really helped us out and didn't inconvenience anyone. I like to think if we get a similar opportunity in future we'd pay it forward ourselves.

Technically if the people bought a house but were unable to close it opens up all sorts of legal issues and wrangling, and for the sake of 7 days I wouldn't want to get into it. Now if there's another extension after that that's a different story of course.


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## mungbeans (Mar 14, 2012)

Thanks

It wouldn't inconvenience us and I'm inclined to do so but want to make sure we couldn't get bitten - for example its a strata building and if in that extra week a new special assessment was passed we may be liable to pay for it. So I want to make sure such a thing gets written down in any extension document. However this sort of thing didn't and would't occur to our dumbass realtor so wondering if there's any other things like this I might need to be aware of?


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## Four Pillars (Apr 5, 2009)

mungbeans said:


> Thanks
> 
> It wouldn't inconvenience us and I'm inclined to do so but want to make sure we couldn't get bitten - for example its a strata building and if in that extra week a new special assessment was passed we may be liable to pay for it. So I want to make sure such a thing gets written down in any extension document. However this sort of thing didn't and would't occur to our dumbass realtor so wondering if there's any other things like this I might need to be aware of?


For issues like that you need to talk to your lawyer.


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## fraser (May 15, 2010)

We had the same situation last August when we sold our house. The buyer wanted to extend by a month.

We said no. Our realtor advised no. Why? Well after many years in sales, sales mangement I can attest to the fact that ANYTHING can happen to a deal. The sooner it closes, you get your money, and move on with life the better. 

My advice...stick with the original deal and do not extend. Extending can only work to your disadvantage. I am very surprised that your real estate agent is in favour of this.


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## Four Pillars (Apr 5, 2009)

fraser said:


> I am very surprised that your real estate agent is in favour of this.


I'm not - they get paid when the deal closes. If I were a real estate agent, I'd rather the client delay the closing for a week rather than put it off for an uncertain time in the future.

This happened to us when my wife sold her house. The buyer had trouble with the financing. 

It was bizarre - they waited until closing day and then couldn't close and didn't really communicate much about their intentions. The buyer real estate agent was literally in the hospital having a baby and apparently didn't want to share the commission with anyone, so nobody knew what was going on.

It took a while to sort out, but they eventually closed about 10 days after the original closing date.

There wasn't a lot of interest in the house and we wanted to get it over with. A bit of a delay was preferable to putting it back on the market and starting all over.


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## mungbeans (Mar 14, 2012)

I haven't engaged a lawyer yet, but if I were to do so maybe they would charge extra for consultations in which case why should we pay extra for a buyer issue? Could I get the buyer to pay any additional lawyer fees as a condition of moving the date?


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## mungbeans (Mar 14, 2012)

We're not buying another property at the moment, if the sale falls through then in theory we should get the deposit and the buyer should be liable for if the property sells at a lesser price in the future. 
So it not going through isn't a major disruption to us other than hassle and having it hanging.


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## NotMe (Jan 10, 2011)

Do agree with running it by your lawyer. Assuming you have a decent relationship with your lawyer you should be able to get an opinion from him for free.

My thoughts are that you really can't force someone to buy a house regardless of what the agreement of purchase is. All you can do is try to seize the downpayment and sue them but really it's a judgement call on your part.


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## Four Pillars (Apr 5, 2009)

mungbeans said:


> I haven't engaged a lawyer yet, but if I were to do so maybe they would charge extra for consultations in which case why should we pay extra for a buyer issue? Could I get the buyer to pay any additional lawyer fees as a condition of moving the date?


I think that is a reasonable request.


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## DavidJD (Sep 27, 2009)

A good will gesture from them is to increase their downpayment.


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## Greenback (Mar 16, 2013)

I have done this as a seller.
Your real estate agent should be able to provide an amendment to the offer.


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