Q: Up to July 31, 2017, I was a legal tenant in my apt. I am in the process of buying a house and my lease is up.
The parties involved in the house buying process were aware of my lease termination date and assured me that we would close by mid August, 2017. I relayed this info to landlord who allowed holdover. I lived out my security deposit for August. It is now 9/20 and I cannot get a closing date. I have fulfilled all my requirements with the mortgage people. I now have a court date for 9/27/17 with my landlord. Can I legally get out of this house buying process and find a place to rent and get all monies that have already invested back?
Thank you for your time and consideration regarding my concern.
A: It depends upon the terms of your contract, which governs. Ask your lawyer.
A: Look at the closing date provision int he Real Estate Purchase Contract. If it says "on or about" that generally means within 30 days of the date stated, if it says TIME BEING OF THE ESSENCE it means that day only and a Time is of the Essence demand letter should be issued. In any case, in NY you cannot get out of the deal and get your deposit back without the consent of the other party or the expiration of the demand period which flows from the Time is of the Essence date. These are general guidelines, every situation is unique. I'm happy to go over your particular matter for a reasonable consultation fee.
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