What remedies do I have if a buyer does not close a real estate contract withing the alloted time and does not ask for an extension?

we have a contract on our house. The buyer has not closed on time and has not asked for extension. When questioned the agent stated they did not need to as the closing date was arbitrary. As sellers can we cancel contract and relist house?

Asked on June 25, 2012 under Real Estate Law, Kentucky

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Please, please, please do not rely on the agent.  Please, please, PLEASE go and speak with an attorney.  The contract is binding on the parties and what it says will determine how you act.  Closing dates are not necessarily "arbitrary" but can indeed be extended. There is also some thing known as a "time is of the essence" clause which may or may not help you.  If you can cancel the contract you can keep the down payment in most cases.  Good luck. 


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