Legal Question in Real Estate Law in Virginia

Real Estate Contract Expiration?

situation:

buyer and seller sign a contract for a purchase of a home on 12/30/05 which states ''settlement shall be made on or about Feb. 28,2006. Unless otherwise agreed in writing by the parties.''

Closing is somehow set for March 1, 2006, with no signed legal extension of the contract.

question 1:

On march 1, 2006, is the contract actually expired? I am unsure what ''on or about'' actually means,or if it is significant in this case.

Question 2:

would the buyer /seller have the option of backing out of the contract on March 1, since the 60 days from contract signing was over on Feb. 28 and no other forms were signed actually extending the contract any additional days?

Question 3:

Is there a specific form realtors use to extend contracts that would be used in this case?

Thanks so much


Asked on 11/07/06, 2:52 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Real Estate Contract Expiration?

I would say that under the facts which you've recounted in your question that the phrase "on or about" in the purchase contract could certainly bind the parties as well on March 1, 2006, which, of course, was the very next day and that neither party would have had the option of unilaterally backing out of the contract unless it was agreed to by the other.

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Answered on 11/07/06, 6:14 pm


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