QUESTION
If due to financing issues, the closing date changes to 5 days later on the Buyer's side; is the contract void or voidable?
Asked on Apr 18th, 2013 on Residential Real Estate - Virginia
More details to this question:
Would the closing date change considered as material change of the contract?
1 ANSWER
Probaably not. Unless the contract contains the phrase "time is of the essence", the closing date means "that date, or within a reasonable time of that date". 5 days wouldn't be excessive in front of any Judge that I know.
Answered on Apr 18th, 2013 at 3:25 PM