seller wants to charge penelty

[angelpooh]

We just tried to purchase a house. We have all the closing paper work signed and notarized. When the funding went through, the builder told the title company not to accept it unless we paid $2800 in penalty fees for not closing on the original date.

Our contract on the house expired on June 3, 2005, but everybody was proceeding like it was going to close. Even the salesman for the builder set up the closing for today. Is there anything i can do short of paying the $2800 in order to get my home?

 

[NYClex]

Hm, this is an issue for your attorney. I hope you have one?

He would have to look at the contract if any penalties are specified in it. He also would look at the seller's conduct, if it can be interpreted that he waived the condition of timeliness. Third he would look if time is of the essence and what local case law says about that.