Legal Question in Real Estate Law in California

legal implications of estimated closing date (escrow)

We have made a down payment on a condominium in California. Estimated closing date is 11 September 2000 (the condominium is being built). However, recently estimate was changed to 1 July 2000. We have objected to this change because we are depending upon the money from our house sale in New York to pay for our CA home. Buyers of NY home do not wish to close before September 1.

What does California law say about estimated closing date? The contract we signed stresses the probability of delays in construction and places no responsibility on the seller. There is no reference in the contract to the implications of an early closing date.


Asked on 5/08/00, 3:53 pm

1 Answer from Attorneys
Scott Shabel Law Offices of Scott Lee Shabel

Re: legal implications of estimated closing date (escrow)

Generally, the closing date will be governed by the terms of the purchase agreement and escrow intructions. No one party can unilaterally change the closing date unless these documents expressly allow it. Did these documents in any way indicate that you were using the money from the NY sale to purchase in CA? Were the brokers aware of this? Unfortunately, no definitive answers can be given without reviewing your purchase and sale and escrow documents. If you would like to learn more, visit our website @ www.labusinesslawyer.com

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Answered on 6/22/00, 4:35 pm


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