What happens if the selling party doesn’t respond by the closing date agree upon?
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What happens if the selling party doesn’t respond by the closing date agree upon?
I have put in an offer on a house and it has mold. The seller took it off the market and cleaned up the mold but not the water issues that caused the mold. They countered my offer and we came to an agreement on the price (now free of mold). In the agreement we stated that time was of the essence in the closing due to the water problem but they have delayed the closing and there is only one day left until closing date. What happens if they do not close by the closing date? There is no hold up from my side, I have cash.
Asked on May 31, 2012 under Real Estate Law, Michigan
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
How your local courts treat a "time is of the essence" clause in a contract will impact on what will happen here. Generally speaking, missing a date when that phrase is in the cotract is considered a "material BReach" of the contract thus allowing a party to back out of a deal (with some legalities neede to make a clean break). Often, though, a court will allow a party to "cure" or remedy the breach and go forward on the contract. I think that you have to decide what you wish to do here and you should speak with ana ttorney in your area to be sure. You can extend their time but do it in writing. Good luck.
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