Q: If the seller is constantly delaying a closing, isn't there a law that can mandate the seller to close on a a given date
My children have a contract to purchase a home in N.J. The original closing date was march 15th, and the seller asked to postpone it until til mid April. That was agreed upon by both parties as the mortgage commitment is still valid until the 16th of April. Now they are telling my children that they can't close that date, as their rental is not available until May 1st. So my kids can pay a penalty to keep the commitment and they will pass that onto the seller. However, the seller went away for 10 days and has not responded to the request to pay my kids the penalty to hold the committment.
I know there is a law to mandate this closing by the April date that was originally agreed upon. Please help. Thank you!,
A:
What your children's rights are depend on the terms of the contract, but generally, if all the contingencies have been satisfied and the delay is solely due to the sellers, your children may be able to demand a firm closing date on the basis of "time of the essence". However, this does not necessarily mean that the sellers will actually close in time.
Sometimes, the buyers can get the sellers to agree to pay for any additional expenses incurred by the buyers due to the sellers delay.
There may be other options available but a thorough review of the Contract for Sale and the specific facts of your children's case would be necessary for a proper evaluation.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
