QUESTION

Is there a breach of contract if the sell of the home does not take place on the original closing date? I''m selling my home on a short sale contract.

Asked on Jun 28th, 2012 on Breach of Contract - Virginia
More details to this question:
Closing date was scheduled for June 29, 2012. I received a call from the real estate agent mentioning the closing date will not take place on June 29, 2012. What are my options? Thank you!
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1 ANSWER

Appellate Practice Attorney serving New York, NY
The answer to your question depends on the terms of your contract.  In the jurisdictions in which I practice (warning - I don't practice in Virginia) the closing date listed in the contract is not binding unless it has been made "of the essence".  Closings are often adjourned until one side or the other notifies the other that the closing date is firm and "time is of the essence".  At that point, the closing date is set and cannot be changed with impunity, although sometimes valid excuses come up.  Sometimes time is made of the essence in the original contract, and that may well be how your contract reads, given that you are engaged in a short sale.
Answered on Jun 29th, 2012 at 2:44 PM

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