Expert: Karyn Foley - 12/12/2007

Question
A Seller in FL has an offer; contract came in on a contract which was not standard.  His attorney put same terms on FARBAR (state contract) and the escrow monies are being held by buyers attorney per contract.  In this county (palm beach) its custom for seller to pay title and select closing agent.  This buyer wants to control closing, will pay own title but will not have her attorney call sellers attorney.  she is threatening to find anohter house if seller doesn't let her control closing (her words).  in this market having an offer is exciting to seller, but I am worried about buyers apparent unwillingness to let attorneys work together.  What do you think?  Seller wants to know whats the worst thing that could happen if he goes along with her demand to control closing.

Answer
Dear Sonya:
 Each area has its own customs, and it is not unusual to have to conduct a transaction using different customs. However,it has always been sound practice to have all parties working together, and the buyer with the threats and non-cooperation concerns me.  No one should "control" anything; it needs to  be mutually acceptable to both parties to do most everything.  There are inspection issues, disclosures issues, and so forth, that need to be attended to by both principals.  Each principal is entitled to fair representation.  That is why a FSBO is not always the best way to go.  You may end up paying more in the long run than was anticipated.  It is wise for the seller to have an attorney.  There are many things that could go wrong without time limits and inspections and disclosures that need to be worked out.  It would be a bad thing for the transaction not to close, but a worse thing to have it dragged on and on without reconciling and addressing all the points of the contract.  If the buyer is not willing to be a partner rather than a dictator, then perhaps it is time to move on to another buyer.  Or, have the seller's attorney set strict time limits for all parts of the contract, with the seller agreeing, and if those time periods are not met then according to the mutually agreed upon and signed contract, the seller can cancel.  Make sure your seller has legal support because this could be a mess.  Does your seller really need this aggrevation?  Karyn Foley