I am in contract on several small properties as the buyer.
One of the properties needs significant work done and in the contract is states the seller is required to bring it to habitable condition prior to closing (unfortunately it doesn't say how long prior to closing).
Low and behold they have dragged their feet and work still isn't done. Closing was supposed to happen in a week.
In the contract there's a clause under seller default that I get liquidated damages if seller defaults. This would qualify, but the seller is also wanting to extend the closing date.
How can I use the contract to get the liquidated damages because they didn't fulfill their duties under the original contract but also extend the closing as I've put significant time and money into the acquisition?
Charging the seller
byu/Traditional_Nature25 inrealestateinvesting
Posted by Traditional_Nature25
1 Comment
Write an amendment to extend closing but state that the LD’s are to be based off the original closing date of X. Or have the seller pay you cash for the time between the original closing date and the new for the LD amount. New LD’s can start at the new closing date.