If the closing date is past what is listed on the contract, can the contract be void?
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If the closing date is past what is listed on the contract, can the contract be void?
I am the seller. Our original closing date on our contract was June
28. We then extended it to July 9. Due to the contingency of our
buyers house selling and that house being purchased using a USDA loan
everything is ‘tied up’. They now believe closing will be near July
17. We have since decided we are better off financially to not sell
our house. If we give earnest money back, replay them for the
inspection and appraisal do we have the legal right to cancel the
sell? We signed a new contract extending the date to July 9, but
nothing with the July 17 date.
Asked on June 30, 2018 under Real Estate Law, Alabama
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You need to first send them a "time is of the essence" letter, indicating that closing on time is necessary (it's best if you have some reason which you can cite--e.g. your own logisitics or finances, that if you don't close on time, you will incur additional costs or be left without a place to live, etc.) and that therefore "time is of the essence." In the letter, you recite the history of moving the closing date and that the current date is the contracted one, and state that if they cannot close in time, they will be breach of contract and the contract will be terminated.
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