Q: call time is of the essence.
I am selling a property and the buyer was supposed to close 2 months ago. i want to call time is of the essence. What is the minimum time i have to give them legally. can it be a week or 2 or it has to be a full month?
A: It is customary to give 30 days but your contract must be carefully analyzed to assure that a time is of the essence demand is property made and delivered to the purchaser. In addition, arrangements should be made to schedule the closing and have a court reporter present to document that the seller appeared ready able and willing to close.
A: Generally, "time is of the essence" must be stated in the contract. Was there any clause in the contract that gives some flexibility to the purchasers? NY real estate transactions can be pretty frustrating if you want to sell a property right away but the purchaser isn't into it. You may want to consult with your RE attorney. Since the matter is still pending (not post-closing), the lawyer should assist you.
A: The standard is 10 days, but the form of your notice must be very clear.
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