hello everyone,

i am in a real problem here and was wondering if anyone could help me. i am currently in the process of selling an apartment that i had purchased a few year back from a bulider. i had asked for an extention on the closing date because the buyer needed to get a mortgage and i got a four week extention but just a week before that closing was suppose to take place the buyers mortgage did not get approved. now i have another buyer, and i have explained the issue to the builder to get an other extention but he does not seem to understand and refused to give an extention. i would just like to also add that the builder is already 2 years late on his delivery. I was just wondering what i can do in order not to get defaulted.

thank you.

Not sure how you do things up there in Canada. However here in Fl since you have a new buyer you would need a new contract altogher.

Where I come from if you need an extension I send the Listing agent an addendum and ask for an extension. The LA always asks why and I provide supporting documentation to support the request.

Sometimes the seller requires a per diem cost for not closing on time. Sometimes I can get the fee waived. Sometimes the seller will refuse an extension. Sometimes the seller will require an additional none refundable deposit for the extension. Its all negotiable.