QUESTION
Can seller be compensated for closing later than stated in contract
Asked on Jan 16th, 2013 on Real Estate - New York
More details to this question:
Bank has approved loan, but still doing paperwork. Attorneys say that have to all agree to a time to close. Meanwhile, seller is out of property but paying monthly fees.
1 ANSWER
Criminal Law Attorney serving Yonkers, NY
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Richard F. Sweeney, Attorney at Law
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Not likely unless the contract specifically says that "time is of the essence" which means that contract dates are exact and must be followed. Ask your attorney.
Answered on Feb 06th, 2013 at 7:54 AM