Legal Question in Real Estate Law in New Jersey

Seller wants additional 45 days for settlement

The sellers agreed to a on or about june 30 close no TOE in the contract. They have since told us they wanted to get out of the contract. Ailing father in law is the reason. Father in law was ill when contract was signed. We've stated we intend to perform on the contract. They realize they are obligated to perform and now are asking for 45 days additional to close on 8/15. Can (we) the buyers agree to give the sellers an additional 15 or 30 days with TOE specified. Can we issue this TOE prior to the June 30th settlement date or do we have to wait until June 30th to issue TOE? Can we also specify monetary damages in our Letter of TOE if the second close date is not met? I.E. Close on 7/30 TOE or a penalty of $10K applies. How many days can the seller delay the close for if we don't specify TOE and can they be held liable for monetary damages without TOE specified?


Asked on 6/09/08, 12:37 pm

1 Answer from Attorneys
Gregory Kinzel Law Office of Gregory F. Kinzel, LLC

Re: Seller wants additional 45 days for settlement

You can serve them with a TOE notification prior to the 6/30 closing date based on the Seller's indication that they do not intend on complying with the closing date. However, the general rule is that the TOE closing date should be no earlier than 2 weeks from the original closing date.

If you do not have an attorney representing you already, please feel free to contact me and I can prepare the TOE notice, and handle the closing for you.

Best of luck.

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Answered on 6/09/08, 1:21 pm


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