QUESTION
If a closing is pushed back with no signed agreement can the seller cancel the contract?
Asked on Nov 08th, 2021 on Real Estate - Pennsylvania
More details to this question:
The buyer continually pushed back the closing. We did not sign a new addendum for the new closing and the seller be removed from the contract legally?
1 ANSWER
Bankruptcy Attorney serving Collegeville, PA
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Nahrgang & Associates, P.C.
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All real estate sale agreements state that time is of the essence. Accordingly, all deadlines must be strictly met, unless the parties agree to an amendment which is often accomplished through an addendum. The seller has no obligation to move the closing date and failure to close is a default allowing the seller to sue for the deposit.
I trust that answers your question, and if you are in the Delaware Valley, feel free to call or email on a free initial basis.
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Matthew R. Nahrgang, Esquire
35 Evansburg Road, Ste 400
Collegeville, PA 19426
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Answered on Nov 09th, 2021 at 6:19 AM