Legal Question in Real Estate Law in New York

Time of essence

I AM TRYING TO CLOSE ON A HOUSE THAT I PURCHASED AND I DO HAVE A TIME OF ESSENCE CLAUSE IN MY CONTRACT. DATE OF CLOSING WAS JUNE 30 AND I WAS TOLD THAT I HAVE TO GIVE THE SELLERS 30 DAYS ( JULY 30 ) to really close. i have no problem to give them to july 30 but i was told now by my lawyer that even though we close if possible by july 30, they sellers really by law does not have to move out for 5 days thereafer. is this for real as i do not believe my lawyer and would greatly appreciate your reply immediately. they do not want to compensate me if i have to move to a hotel and put my belongings into storage for the 5 additional days which i told them they should move and do what-ever they need to and move out by july 30. HOW DO I KNOW THE HOUSE WILL BE THE SAME WAY AS THE FINAL WALK-THRU IF I HAND OVER THE MONEY ON THE CLOSING DATE??? PLEASE PLEASE advise as i am very upset. Thank you for your help. DO I HAVE TO GIVE THEM MORE TIME?


Asked on 7/18/08, 11:08 am

1 Answer from Attorneys
Randy S. Newman Weisman Law Group PC

Re: Time of essence

There is no "law" in New York that requires that you give the sellers any additional time to stay in the premises once closing occurs. That courtesy, which is sometimes extended from a purchaser to a seller, is negotiated in advance and would have to be contained in the contract of sale (or in a separate agreement at closing typically called a "possession agreement"). If it is not in the contract, there is no legal obligation you would have to give it to the sellers.

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Answered on 7/18/08, 12:08 pm


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