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

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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

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 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.


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