Interim interest

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simplysweet

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Hello. I need some help please....

My future husband Jason and I are building a house and we were told that our first walkthrough was going to be Jan. 14th and our closing date was going to be Jan. 22nd. We can't close until Feb. 1st which they were aware of. The Friday before, Jason found out that some big clients were coming in on the 14th so we had to reschedule the walkthrough. He left the builder's salesreps a message stating we needed to change the date. Jason also has classes Tues. Weds. and Thurs. so the only day left to change to was Friday the 18th. So we rescheduled for then. We received a call Thursday the 17th stating we needed to bring a check for the interim interest from Jan . 22nd through Feb. 1st since we wanted to push the closing date. We didn't bring a check b/c why should we pay interest on a house that hasn't been signed off on yet? We spoke with one of the salesreps and they agreed with us. So we did the walkthrough and found quite a few problems. We get a call today stating that we need to bring an interim interest check to them by tomorrow or else they will put our house back on the market. They said the reason why we have to pay interest from the 22nd to Feb. 1st is because we moved the first walkthrough and if we had kept it on the 14th, all the problems would have been fixed by today so we would have been able to close tomorrow. Nowhere in my contract does it state a specified walkthrough date or a closing date. Nowhere does it state that if I don't walk on the date they say, that I have to pay interim interest from their original closing date.

In fact, the contract clearly states: "Purchaser acknowledges and agrees that no date certain for completion of the residence or closing of the sale has been agreed to by seller and no sales agent or supervisor or other party is authorized to agree to any certain date.

My question is this: Am I required to pay this interim interest?
 
Nobody can tell you with any measure of confidence about your potential liability without seeing the contract. Read it thoroughly. I don't doubt that you are not on the hook for the "extra week." If you signed a binding contract to sell, they can yell and scream all they want but they cannot put the house back on the market because they didn't receive this phantom check. I can't say they won't but I think it's a lot of hooey and I have had to deal with numerous real estate brokers. If I only had a dollar for every client who called me about alleged unethical conduct by brokers...

You may want to send and fax them a letter stating that it was clearly understood that the closing could not take place prior to Feb. 1. Moreso, point out the paragraph that you quoted. You may also wonder why this issue wasn't ever raised when you asked for the walkthrough.

Regardless of what is in the contract, it is very possible that they could be held liable for fraud and I'm sure you'd be glad to report them to the state agency that grants them licenses to be brokers. That shouldn't happen and good luck with the house.
 
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