Am I legally required to sign an extension to the closing date?

UPDATED: Sep 30, 2022

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Am I legally required to sign an extension to the closing date?

The sellers did not get all the tests completed in time. I do not want to get sued but do not wish to pursue this any longer as my agent and the sellers did not make a good effort to get it completed on time, although I know it was over the Holiday season but it was still set to close on the 29th. It is costing me money to stay and store my belongings and I do not wish to grant another delay.

Asked on December 30, 2015 under Real Estate Law, Ohio


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

No, you are not required to agree to an extension. That said, if the delay is just a few days, you would likely be obligated to wait for the new close, rather than terminating the contract, since a delay of a few days would not be considered sufficiently "material," or important, as to justify contract termination unless you had previously (in writing) made it clear that "time was of the essence" and you had a non-negotiable hard deadline. You may be able to seek compensation for the extra costs the delay caused, however: if they won't make an adustment at closing, you could in theory sue later for the money. 
A delay of a couple of weeks or more should let you treat the contract as terminated by the other side's breach, however.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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