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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 111681
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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I am an under an overwhelming amount of stress regarding

Customer Question

Hi, I am an under an overwhelming amount of stress regarding selling my co-op and buying a condo in NY
JA: Thanks. Can you give me any more details about your issue?
Customer: It has taken over 3 months and I have been cleared to go with my purchase for over a month but my buyer's attorney is always in court and their bank attorney has changed closing dates 4 times so now I have been served with a time of essence from my seller stating that they could take my deposit I have done everything I can do to make this transaction go quick with nothing but attitude from lawyers on both ends and my real estate agent has not helped one bit. I now served my buyer with a time of essence Now that both time of essences are set and the dates is there anything else I can do to protect myself? It truly isnt my fault that its taking this long.
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Submitted: 10 months ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 10 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Once you served notice that time is of the essence, if the buyer does not comply, you can cancel the sale contract for them breaching the contract and seek damages from them through keeping any deposits or suing for breach and seeking a money judgment for the damages this delay caused by the buyer has caused you. The time is of the essence demand makes it clear no further extensions will be given and gives you the right to terminate the contract based on them breaching the contract by not closing in time.