Legal Question in Real Estate Law in New Jersey
Did seller breach contract?
I entered into a real estate contract as a buyer in New Jersey. The contract states closing will be ''on or before'' Nov. 30. (without Time of essence) How binding is that date? The seller was unable to provide a clear title on that date and, therefore, did not show up to scheduled closing. I showed up ready and willing to purchase property. Am I obligated to give seller time to clear title that extends beyond the original closing date? The seller did clear title 2 weeks later but no communication had been made to alert me to likelihood of title being cleared. No new closing date had been mutually agreed upon. I did not find out title was cleared until seller filled a time of essence 2 weeks after original close date. By that time, I had already declared the contract ''null and void'' and secured another place to live. My main questions are :
Did the seller breach contract by not providing clear title at original close date?
The seller might sue me for breach of contract because I did not adhere to the time of essence. Does she have a case against me?
Thank you so much for your time.
2 Answers from Attorneys
Re: Did seller breach contract?
Time of the essence disputes are very fact-sensitive. In this case, a lot would depend on whether the other party knew that you were moving on. I think that the facts as you describe them are on your side, but there are still issues. I think that this "time of the essence" filing is merely posturing to induce you not to ask for your deposit back. If you want an opinion on whether that is a good compromise, I would have to know more particulars.
My firm handles matters of this type. If I can be of further help to you, call or email.
See also: http://info.corbettlaw.net/lawguru.htm
Re: Did seller breach contract?
If time was not of the essence, then you may be liable if there is attendant financial injury to seller. If that happens, call me.
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