Legal Question in Real Estate Law in Indiana
if a contract says that a closing shall be within 15 days after proof of insurable real estate title...is that 15 work days and also is the it 15 days after we get the title insurance or the day we received it in the mail?
2 Answers from Attorneys
If the contract doesn't say anything different, than 15 days is 15 days. Your other question depends on reading the contract and knowing who saw the insurance before you did. It sounds like you are working to get out of this contract, and should see an attorney IMMEDIATELY about your possible liabilities.
It would depend on what your contract of sale says. Some contracts say the time runs from date of issuance of the title commitment and others say that time runs from receipt of the title commitment. In any case, the time is usually computed in business days.
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