Legal Question in Real Estate Law in Connecticut
I currently have a renter who has a year contract rent w/option to buy. The date on contract is approaching and I don't think he is going to secure the loan in time
If the date for closing passes, are all contracts now null & void? I mean the realtor, seller, buyer, etc.
Do I need to write a new contract?
He wants to continue to pay rent ( part is going to buy option). However, it may be several more months before he can close.
And if I have a current lawyer, can I get a new lawyer?
1 Answer from Attorneys
Whether or not the contract voids out if he can't comply by the date in the contract depends on the wording in the contract, but you'd be safest if you at least signed an extension of the contract. If you have a new buyer, you can get out of this one, BUT, unless the contract contains the magic words "time is of the essence", you'll have to give the buyer notice of cancellation and a "reasonable" time to come up with the money, probably 30 days. As for the realtor, it depends on the language in the listing agreement, which I'd have to see. As for the lawyer, you can change any time you want, although you'll owe him/her for the work done to date.
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