Legal Question in Real Estate Law in New York
real estate
If you have a signed contract and the buyer has gone 35 days past the 30 days alotted past the contract closing date, do you have any options.
Asked on 6/05/09, 1:02 pm
2 Answers from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
Re: real estate
It depends on the language in the contract. If the contract has an on or about date, then the time is not essential to the contract. If the contract has language stating, "time of the essence," then the purchaser may have forfeited the contract deposit.
Mike.
Answered on 6/05/09, 4:48 pm
Stefanie Devery
The Devery Law Group. P.C.
Re: real estate
If the contract states "on or about" said date, then 35 days is not an issue. However, if the contract states "on or before" said date, then time is of the essence and 35 days matters.
The language of the contract definately matters.
Answered on 6/11/09, 8:16 pm
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