With DD period expiring, what would you do?
I am in a tricky situation, and I want to hear your insight. Any feedback is welcome.
I have a property under contract, and tomorrow is the last day of DD period. I found out last week that there is an error on the deed. During previous transaction which was thirteen years ago, the closing attorney made a mistake on recording the deed. My current closing attorney is in the process of fixing it now by contacting previous seller to re-sign the deed and re-record it, but they have not given me definite timeline on when this issue error will be fixed. (Understandably, it could be tomorrow or few years depending on the availability of previous seller) The current closing attorney recommended that I request extension on both DD period and closing date, which I submitted to the listing agent. Now according to the listing agent, he is okay with extending both of those dates, and he is supposedly submitted the extension amendment form to the seller.
Now here are my questions:
Q1: If I don't hear back from the listing agent regarding the signed extension form, would you back out before DD period expired? I am thinking I am going to stay put until an hour before DD period expired and let the listing agent knows that I am backing out, since staying could be risky..
Q2: If I back out of this deal, am I entitle to have DD fee back? I am not sure having a flawed deed can be considered breach of contract.
Thanks.