Legal Question in Real Estate Law in New York

Here is the situation-:

Closing date in contract says "on or about 60 days". We will soon hit the 60 day mark from contract date and seller is not planning to close anytime soon. We are clear to close. I have two questions:

1. Should I send Time is of the essence notice after the 60 days are up or can I send it prior to 60 day limit?

2. How much time should I give them to close in the notice? Does it have to be 30 days from the date of notice or can we lawfully send the notice to close within 10 days or 2 or 3 weeks?

I just want to make sure that I am not forcing something unlawful should the case go for litigation.


Asked on 11/27/12, 8:53 pm

1 Answer from Attorneys

Paul Vaygen Law Offices of Paul A. Vaygen

1. The 60 days have to expire before you send a "time of the essence" notice. Otherwise it will be invalid.

2. 30 days is usually safe. However, case law is all over the place with respect to time periods less than that. The number of days recognized by a court would depend on the fact pattern involved. As a rule of thumb, I would generally use 30 days unless there are specific circumstances that require and permit a lesser period.

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Answered on 11/28/12, 9:46 am


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