can u extend rental lease while in contract?

Hello, Very stressed and need advice! We are about to purchase a coop in the UWS. When we went into contract in Feb, the seller told us that the tenant's lease will end in April. In mid April, we received a loan comittment letter from the bank which expires on 5/28 (need to close prior to 5/28). Since 5/27 is holiday, this means we need to close by 5/24, Friday. Now we just found out that the... [more]

Hello, Very stressed and need advice! We are about to purchase a coop in the UWS. When we went into contract in Feb, the seller told us that the tenant's lease will end in April. In mid April, we received a loan comittment letter from the bank which expires on 5/28 (need to close prior to 5/28). Since 5/27 is holiday, this means we need to close by 5/24, Friday. Now we just found out that the tenant has extended her lease, and that she would not move until 5/24. We have already passed the board approval last week, and would have been able to close much earlier than that, had she moved out in April as initially promised. Now we have to close on the day she moves, or worse, may not close at all if the schedule doesn't work for somebody (attorneys, management, escow agent?, etc). If we don't close in time, there will be additional paperwork and possible fee. What infuriates me is that this whole thing is eating into our (preciouse) renovation time. Is the seller allowed to do this without our consent? Can we charge them for the expenses we pay because of the delay? thank you [less]