Legal Question in Real Estate Law in New York
I signed a house purchase contract and I'm already for closing. but the seller refused to close earlier because on the purchase contract, it indicated "closing on 90 days or about". I'm wondering how many days the seller still can refuse to closing after 90 days or when I can take the legal action to sue the seller default the contratct?
2 Answers from Attorneys
It may depend on whether there is a "reasonable cause" for not closing on the 90th day or a "reasonable time" thereafter.
Mr. Wade's comment is not totally correct.
An on or about date in a contract is not a firm date. In other words, the date is not "material" to the contract. Therefore, your attorney must make a date certain material to the contract. This is usually done with a "time of the essence" letter.
The time of the essence letter may only be sent after the approximate date for closing passed. Your attorney would send the letter setting forth that closing must be on a date certain, time being of the essence. If closing is not held on that date, it would be deemed a material breach of the contract.
The date given in the time of the essence letter must be reasonable. It has been held that 30 days is a reasonable period of time in a time of the essence letter.
Mike.
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