Legal Question in Real Estate Law in New York
Time limit on a Real Estate Closing
If a real estate contract indicates the closing of the sale of a house ''On or about January 30, 2002''
how long can the buyer avoid closing by law. there is a $ 10,000.00 deposit being held in escrow by the seller
Thank you
2 Answers from Attorneys
Re: Time limit on a Real Estate Closing
On or about means that the specific date of closing is not an essential condition to the contract.
Normally, a party attempting to make time an essential condition to the contract serves a "time of the essence" letter. In other words, the closing now must occur on a specific date.
Traditionally, the closing date in a time of the essence letter is 30 days. However, this rule is not set in stone. The closing date in a time of the essence letter may be conditioned on many factors (ex. date mortgage commitment expires). As always, in contract law the date must be made in good faith and reasonable.
Mike.
Re: Time limit on a Real Estate Closing
I agree with the response given with the previous post.
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