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YourMama
LIF Adult
Member since 4/11 913 total posts
Name:
YourMama
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Closing date
How long can a seller delay a closing date?
Message edited 3/27/2013 3:04:26 PM.
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Posted 3/27/13 3:03 PM  |
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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Closing date
I know most contracts give you 30 days beyond the on or about date. After that, I believe extensions to the contract would have to be signed by both parties to continue, but I could be wrong.
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| Posted 3/27/13 3:08 PM |
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YourMama
LIF Adult
Member since 4/11 913 total posts
Name:
YourMama
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Re: Closing date
Posted by Kitten1929
I know most contracts give you 30 days beyond the on or about date. After that, I believe extensions to the contract would have to be signed by both parties to continue, but I could be wrong.
thanks. Even if you're wrong I appreciate the response
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| Posted 3/27/13 3:11 PM |
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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Re: Closing date
Posted by YourMama
Posted by Kitten1929
I know most contracts give you 30 days beyond the on or about date. After that, I believe extensions to the contract would have to be signed by both parties to continue, but I could be wrong.
thanks. Even if you're wrong I appreciate the response
No problem. I was actually bound to a contract for MONTHS beyond the 30 day mark but it was due to tax issues and I thought I'd lose my DP and never see the light of day. It was a NIGHTMARE but we stuck it out and eventually got out of it. As far as your situation, which I hope isn't nearly as bad as mine was, I would doubt that a seller could string you along indefinitely. There are some loopholes though that could be sticky if their lawyer is being shady.
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| Posted 3/27/13 3:43 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Closing date
Posted by YourMama
How long can a seller delay a closing date?
If the 30 days after the on or about date has past, and you want to close, have your attorney send a "time is of the essence" letter to the seller's attorney.
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| Posted 3/27/13 4:18 PM |
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Re: Closing date
Posted by chilltocam
Posted by YourMama
How long can a seller delay a closing date?
If the 30 days after the on or about date has past, and you want to close, have your attorney send a "time is of the essence" letter to the seller's attorney.
This. The parties have a "reasonable" amount of time to close within the on or about date. And in NY, "reasonable" time has been interpreted by the courts to mean 30 days.
If the seller fails to close within this agreed upon time frame, you can sue to enforce the contract... but logistically, it's really not the most practical solution (because of the time/expense involved). And a prerequisite to legal action would be the "time is of the essence" letter, to put the seller and his attorney on notice that you want to close. The letter must give the seller a timeframe (usually a month from the date of the notice/letter) in which the seller must close or risk legal action.
But the best thing to do would be to consult your attorney about this.
Do you know why the seller is delaying the closing (assuming this is happening to you)? Is it a short-term delay with an end in sight (e.g. sellers are waiting to close on their next house next month) or just indefinite delays with no reason?
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| Posted 3/27/13 5:38 PM |
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