Legal Question in Real Estate Law in New York

I live in Queens, New York and I want to know what is the maximum amount of time that you have before a real estate purchase contract expire? I heard 45 days. I need as long as possible to tied up the property to find another buyer.


Asked on 1/07/10, 12:20 am

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

I think you are asking about a "time of the essence letter". In other words, how long must a party give to make time of closing a material term of the contract - for the purpose to force a closing. Generally, Courts have held 30 days to be a reasonable period of time. However, different real estate contracts have different periods.

If you are not asking about a "time of the essence letter", generally a contract expires under its terms and conditions. Therefore, I would need to read the language in the contract to determine when the contract expires.

Mike.

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Answered on 1/12/10, 4:57 am


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