QUESTION
Can I get out of a PA real estate contract as a seller?
Asked on Jun 17th, 2022 on Real Estate - Pennsylvania
More details to this question:
A contract on our home set to close on August 15 of 2022 buyers have already requested an extension for a closing date where we said emphatically no. We are losing valuable time in the market and I need to have my special needs child in a school before the start of a new school year. My husband also has just had extensive surgery and requires to be in a home quickly and putting off a closing would not work out for us. Ken high as the seller and the contract?
1 ANSWER
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Nearly all agreements of sale provide that time is of the essence. Accordingly, you are under no obligation to agree to an extension. Rather, if they fail to close when originally scheduled, they are in breach and you are entitled to the deposit. However, that will only be turned over by agreement or lawsuit.
I trust this answers your question, but do not hesitate to call or email me on a free initial basis.
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Matthew R. Nahrgang, Esquire
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Collegeville, PA 19426
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Answered on Jun 20th, 2022 at 12:36 PM