Legal Question in Real Estate Law in New York
Closing date
I signed a contract to purchased a house. The closing was suppose to be june 30 on or about. The sellers still does not want to commit to a closing date and i want to kill the deal and get my down payment back. Do i have the right to kill the deal or how long do i must give them till a closing date. Please let me know as soon as possible as i must move out of my apartment next week. Thank you for your help and please reply quick.
1 Answer from Attorneys
Re: Closing date
You must have your attorney send a time of the essence letter giving a firm date to close and setting forth the consequences if the closing does not occur (return of the downpayment). A time of the essence letter usually sets the closing date for 30 days from the date of notice.
On the date set forth in the letter you must be ready able and willing to close under the terms of the contract. Your financing must be in place. Your title company must attend the closing. The checks must be drafted. If the seller does not attend the closing, demand must be made for the return of the downpayment. If the seller still does not return the downpayment, an declaratory action should be filed in the Supreme Court seeking the return of your downpayment.
Mike.
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