Can I terminate a contract if the closing date is not met?
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Can I terminate a contract if the closing date is not met?
I have a contract to purchase a short sale house. The original closing date has pased and there has been no offer of extension from either party. The sellers lein holders keep asking for more money and the answer is no every time. Can I terminate this contract and get my deposit back?
Asked on June 24, 2009 under Real Estate Law, Pennsylvania
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
I'm not a Pennsylvania attorney, and the law on this subject varies from one state to another. I think buying a house is far too important, and there's far too much at stake, to do this without an attorney. For advice you can rely on here, based on the facts, talk to a lawyer in your area. One place to find qualified attorneys is our website, http://attorneypages.com
In most states, the closing date in a real estate contract isn't a firm one. Once that date passes, it's usually possible to "make time of the essence" within certain limits, to force the other side to close or allow you to walk away from the deal, and get your deposit back if you're the buyer.
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