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!,
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.
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