QUESTION
when the seller wants to close after contract date, can buyer get down payment back for breach of contract? Is it necessary to give 2 weeks notice?
Asked on Jul 12th, 2017 on Residential Real Estate - New York
More details to this question:
Seller is holding off on closing while collecting rent. Buyer wants out of the deal if seller doesn't close by contract date. Was advised by attorney that we have to give them 2 weeks notice of default. Is this true or can we consider seller breached contract?
1 ANSWER
1 Award
Unless the contract says a closing date is "of the essence", then the closing date can be 30 days after the stated date. Only after that time can you notice a default. But, you still need to sue, as the seller is holding your money.
Answered on Jul 15th, 2017 at 7:35 AM