Posted by William Bronchick on September 15, 2003 at 19:04:07:
Your contract will specify the closing date. If there is a “time of the essence” clause and the date is specified in the contract as “or on before,” the buyer may be in breach if the date has passed.
What’s the maximum closing time? - Posted by Kaitlyn
Posted by Kaitlyn on September 13, 2003 at 19:11:00:
Hello,
I just posted in the Financing forum regarding a problem with a buyer for our house. The closing is going on 4 months due to the buyers financing company not giving a closing date yet.
My question is: by law (if any) - what is the maximum length of time that a closing is supposed to take?
I’ve always heard banks take about 3 months time, we’re going on 3 1/2!
Thanks
Kait
PS - we’re in New York, New York