QUESTION
whos responsable to pay for the updated abstact if the buyer backed out days before closing?
Asked on Feb 28th, 2014 on Real Estate - Oklahoma
More details to this question:
the buyer had been disqualified three days before closing due to credit score. The buyer during our closing tried to go through another mortgage company. Now I'm receiving a bill for 705.00 dollars for the abstract. I don't believe I should have to pay for that since it was the buyer who backed out. Is this true?
1 ANSWER
Your purchase and sale agreement should address this issue. You may have to pay and then deduct the amount from the earnest money. Look at the buyer breach and default section of your agreement.
Answered on Mar 12th, 2014 at 9:01 AM