If a date in contract states close on or before a certain date, is that date binding?
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If a date in contract states close on or before a certain date, is that date binding?
We signed the real estate contract 3 months ago and believe the buyers are dragging their feet. We need to close. There are no contingencies in the contract.
Asked on May 11, 2018 under Real Estate Law, New York
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
The date is binding because it is an essential term of the contract which requires performance (closing) on or before that date.
If the buyer fails to comply with that term of the contract, you can sue the buyer for breach of contract.
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