What happens if....

your contract says closing date "on or about date" and then you close more than 30 days after that? What if something happens and someone has to cancel???

My contract says on or about April 1st and I originally wanted week of April 20th. I was just wondering if it did get pushed to May what happens to me?

Re: What happens if....

You officially have until May 1 then based on what your contract says.

Most times, the closing will be during that last week. Prob. Memorial Day time period.

Re: What happens if....

You could lose the interest rate that you locked in for your loan.

Re: What happens if....

if it goes over 30 days then whichever party is responsible for it going past that date may be in breach of contract.
I would talk to your attorney about this - he/she should be able to tell you what you should do!

Message edited 2/9/2007 4:42:04 PM.

Re: What happens if....

I was told even after the 30 days is up they have ANOTHER 10 days under the "time is of the essence?". This is what my lawyer and realtor told us.
Not sure on the terminology, but I think thats what they said.

Re: What happens if....

Even though you have the 30 days with the on or about date, many contracts still go past that date. When that happens, depending on the reason, either parties may overlook it, because they are both mutually benefiting from it, or you can ask your attorney to send a "time of essence" letter demanding a closing date. If you are in need of more time you can ask for an extension of the closing date, but you aren't guaranteed to get it.

Re: What happens if....

Thanks girls!

I think I'll be ok with the on or about date.

Message edited 2/9/2007 4:47:43 PM.