Conway, AR asked in Contracts for Arkansas

Q: Is there a limit to how long a closing can draw out?

I'm under contract to purchase a pair of adjacent lots. The sale is bound to another in an asset forfeiture case. Because there are some special requests on the other sale, our close has drawn out nearly 5 months. I'm just wondering how long this can draw out.

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1 Lawyer Answer
Don Spears
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  • Benton, AR
  • Licensed in Arkansas

A: Contracts are open for a reasonsablre time only. The amount of time is usually set out but when it is not set out it becomes a reasonable amount of time as anticipated by the parties. It would seem that 5 months is more than reasonable.

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