What happens if a Agreement of Sale expires???
Hi all,
I am supposed to close on a Duplex today. However, the seller has not gotten municipal required inspections completed yet (heater certificaiton and electrical certification). Both of these are outstanding and are identified in the contract to be ordered at the seller's expense no later than 15 days prior to closing. For this violation, I have an attorney involved as this makes the seller responsible for all required repairs once the inspections take place (and there will be repairs - no duct work on heater). Since this is the case, my realtor and I drafted up an addendum to extend closing in order to get this work completed once the seller pays for an inspection (again, required per the contract). We are currently waiting on the seller to sign and agree to an extension. It would be ridiculous of them to not sign it, but I was just wondering, what happens if they don't? What happens at midnight tonight when the contract expires? We briefly talked about it with my attorney but he suggested that we focus on getting the extension and we'll go from there. He doesn't think they wouldn't sign it. However, I'm just curious as to what would happen. Does anyone have any experience with this and could shed some light?
Thanks in advance
Marc