A Buyer's Agent
Offers Some Protection

Question: I currently have a condo under agreement. While I made the mistake of going through this process without a buyer's agent, things have gone fairly smoothly so far. I was able to negotiate the asking price and then renegotiate when the inspection came up with some repair problems. Now I am two weeks from closing and I receive word from the sellers' agent that they have to postpone the closing date because the sellers can't yet close on the home they are buying. Since I do not have my own agent to advise me, I feel vulnerable. The sellers are not able to confirm a new closing date, saying only that it would happen within a certain time period. This does not give me much confidence. If they said, "Let's change it to this specific date," then I would give them the benefit of the doubt, but with it up in the air, I am wary to go along with it.

If the sellers want to change the closing date, must I just go along with it? When I signed the P&S, it stated that the closing would happen on a specific date. Do I have any ground to say that I do not want to move the closing date?

Dear Elizabeth: Now you see why it's important to use a buyer's agent. Everything depends on what's in your purchase agreement. I'm assuming the sellers put in a contingency that makes your purchase subject to the sellers closing on a new home. It puts you in the position of having to worry about the purchase of two homes, not just one! If there is such a contingency in your agreement, then depending on how it was written, you may just have to wait. On the other hand, if no such contingency exists, then you can demand the sellers move forward. Time is the essence of any purchase agreement and failure to act in a timely manner can threaten the deal. My suggestion is that you take your purchase agreement to a real-estate attorney. If there is no contingency allowing this sale to hinge on another, a stiff letter from the attorney to the sellers and their agent should get things back on track.

Mr. Irwin has more than 25 years' experience as a Los Angeles-area real-estate broker. He is the author of more than two dozen books about real estate and is recognized as one of the most knowledgeable writers in the real-estate field. Mr. Irwin's most recent book is "Buy Your First Home," (Dearborn, 2000).

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Elizabeth, Cambridge, Mass.

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