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closing delay penalty

Started by harryap
about 17 years ago
Posts: 12
Member since: Nov 2008
Discussion about
I am about to sign a contract for a condo in manhattan. The contract has clause that I will be assessed a penalty of .08% of the mortgage per day past the closing date if I do not close by the closing date - is this standard in a contract?
Response by craberry
about 17 years ago
Posts: 104
Member since: Feb 2009

No its not. If you are a buyer just tell them to take it off or you won't buy it.

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