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in general bad to miss especially if the deal goes sour for other reasons later on. Potentially very bad if there are title concerns and by missing this deadline you are not otherwise able to term the agreement.
But you are owning the mistake and communicating it immediately. If the deal is pretty amicable and there are no title gremlins it’s not likely to be a huge issue. Read closer and calendar better next time!
Thank you, it is amicable and no red flags on title so hoping this gets resolved easily. But definitely will be more careful.
It happens. Usually in a cordial deal a phone call to the other side resolves it because the next time it may be the other side that needs a favor. What's important is owning it ASAP which you did, and figuring out ways to prevent it. One thing I like to do is prepare my critical dates list right after the PSA is signed and then send those dates to the other side. These dates aren't a surprise and we should all be on the same page so it gives them a chance to agree or disagree. I've had some funky unique state holidays trip me up and I always like getting input from the other side. It's a quick email that says hey, I have x as the expiration of the inspection period and y as the outside closing date. Let me know if you agree.
Came here to say the same thing. In addition call your title/escrow office and see if the have any critical date tools. They used to give out a spinning wheel thing to help you figure out business days, etc. When I'm writing a PSA I map out the hypothetical dates then check again when it circulates to the parties. I sometimes share the "road map" with the client if it's a really complicated deal. Sometimes it can help to work backwards too. Like hypothetical permits issued then work back.
If you misread the PSA, does that mean objections are due before end of the inspection period? If so, you could still terminate if there were a red flag. And hopefully the PSA requires seller to cure liens anyway. Sometimes the TOLs are just perfunctory. If it wasn't really necessary here, partner can just tell client (if they even notice) that you all were saving them attorney fees by not sending when not necessary. You also can send after the deadline just to get the matters in front of the seller. It happens.
Thank you, and yes we still have a good while on our inspection period so that was the one thing that was keeping me sane. The partner said essentially what you’re saying too so it looks like hopefully this wasn’t a huge deal. Definitely lit a fire under my butt to triple check dates though.
https://youtu.be/ZBdYOH5410A
Agree with GC1 above, but want to add that this happened to me, too, and it’s amazing how the memory of my cheeks burning as I told the partner has since served as a reminder to double check dates. Deal ended up terminating for other reasons prior to the end of DD, so all is well that ends well.
Ugh yes that feeling of dread has been with me all day. Hoping this one ends well for me too.
Don’t sweat it…I’m always working with title on fixing mistakes and deadlines. I’m on the audit side of lending and we service other lenders. I once had a title company submit their final lender’s policy over 2 years past deadline. There are legal ramifications- as I’m sure you’re already well aware. However, my company, including most investors I work with, would rather resolve than impose a legal battle with hefty fines. If the parties want the deal done they’ll make exceptions. If not, well, that’s the area that a deal could go south. But, you are open and forthright about it and all will work out!
Thanks for the kind words.
What does the contract say if you don’t object?
Is time of the essence in your PSA? You could just send now and if they don’t object to untimely, I would argue that it is waived if it comes up later.
Am I a title gremlin?