Question about Closing Date
Started by Hopeful_Buyer
about 17 years ago
Posts: 38
Member since: Nov 2007
Discussion about
Hi. Our purchase contract for a condo sets a closing date "on or about Sept. 30th." We as buyers would like to close as soon as possible, and not later than Sept. 30th. (Our financing is in place.) However, the sellers are taking their time getting out of their apartment, and thus, seem to be intent on extending the closing date. Our lawyer has told us that the "on or about" terminology has historically allowed a 30-day grace period. Does anyone have any experience with this aspect of closing? Is this 30-day grace period still applicable in the current market? Thanks.
"On or about" means 30, even in the current market.
ali r.
{downtown broker}
^^ sorry, "plus 30"
ali
It's a legal term that has nothing to do with the state of the market. "On or about" means they have 30 days from September 30th to close before your lawyer can send them a "Time of the Essence" letter, which will FORCE them to close on that date.
Your lawyer is correct: absent a "Time of the Essence" provision, the contract cannot compel them to close on 9/30.