Legal Question in Real Estate Law in New York

Time of essence letter

i am the seller of a house. the contract was for all cash, as is, no mortgage contingency. the original closing for

1/31. the buyer asked for more time. we gave till 2/29, still no money. then we gave a ''time of the essence letter''

which expired 3/31. still no money. we contacted him and said now we want to return deposit and cancel because the

buyer still has no close date and we have someone else interested. his lawyer said he will sue us and tie up the house in court if we dont give him more

time. how can they get away with this?


Asked on 4/02/04, 5:04 pm

3 Answers from Attorneys
Robert R. Groezinger GroezingerLaw P.C.

Re: Time of essence letter

Okay..so what does your lawyer say?

What does the contract say?

RRG

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Answered on 4/02/04, 5:48 pm
Walter LeVine Walter D. LeVine, Esq.

Re: Time of essence letter

Without reading the contract or the time of essence letter, my reply will be general. Once the time of essence letter was sent, if it stated the deal is off unless the closing takes place on the date specified, the deal is off and you should be able to return the deposit and make a new deal. You might even be able to collect damages for the delays. However, I would need to read the contract and all correspondence to give you a more specific answer.

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Answered on 4/02/04, 5:54 pm
Savyon Grant Law Office of Savy Grant

Re: Time of essence letter

Before you return the deposit so quickly, you might be able to keep it as liquidated damages.

You have to ask you lawyer what the contract says.

Savy Grant

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Answered on 4/03/04, 8:41 am


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