Legal Question in Real Estate Law in North Carolina

Past the closing date on Sales Agreement

I signed a contract to sell my condo and it stated that we would close on or before 11/15/06. I have moved my renter out of the property for this closing date and the mortgage company still has not ordered an appraisal or an inspection or title work. We are now 2 weeks past the expected closing date and I have another buyer that is interested. The original buyer has had her cell phone cut off and I have no way to contact her. I notified the mortgage broker that I had another offer but they won--name removed--call me back. Can I sign a new sales contract w/ another buyer with out notifying the original buyer since I can--name removed--reach her?


Asked on 11/28/06, 10:20 am

1 Answer from Attorneys
Jeff Rosner Rosner Law Firm P.A.

Re: Past the closing date on Sales Agreement

That is not such an easy question to answer. You should try to reach the Buyer and sign a termination agreement and probably offer to return any earnest money. Unless your contract has a clause that says "time is of the essence" or something similar, the Buyer hasn't breached by not closing. You should speak with an attorney before signed a new contract with someone or you may be the person considered to be in breach of the contract if the Buyer decided to sue you.

- Jeff

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Answered on 11/28/06, 12:57 pm


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