Legal Question in Real Estate Law in Michigan
Agreements/Contracts Expiration
If Buyer #1 doesn't close by the date listed on the Contract does that make their offer void for Buyer #2? Buyer #1 was granted extensions by seller however the contract ran out on Sept 15.
Asked on 9/19/07, 12:04 pm
1 Answer from Attorneys
Renee Walsh
LawRefs Nonprofit
Re: Agreements/Contracts Expiration
Generally speaking, unless a time of the essence clause is included in the sales contract, a reasonable time is inferred. Therefore, the closing date can and may legally be extended a reasonable time. However, since I have not viewed the contract and do not have all the facts and information you should not rely on this information which is only a discussion of general legal issues.
If you would like more specific information and/or advice, please contact me at www.lawrefs.com.
Answered on 9/19/07, 2:44 pm
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