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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 36972
Experience:  Texas Attorney for 30 years dealing in real estate
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Time is of the essence

Customer Question

time is of the essence
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  Ray replied 5 months ago.

Hi and welcome to JA. Ray here to help you today.

If you are going beyond the closing date here under NJ law you need an addendum to your sales contract to extend the closing date.Otherwise if you cannot close you forfeit your escrow funds.Both parties can agree to such an extension by signed addendum.This is pretty common and usually you can get such an extension.

I appreciate the chance to help you today.Thanks again.

Customer: replied 5 months ago.
just to understand, what if they didn't want to extend (seller is very nasty), they can consider me default, keep my $5k deposit and still sue me for damages, for example broker fees, money lost (as sellers are buying a new house as well) etc.
Just to be clear I want to purchase the house but will need more time for secondary down payment funds to clear, right now I am suppose to close on the 6/30 and I need all monies in today with mortgage company to get the clear to close, as mortgage company needs 72 hrs.this is what is n the contract
Seller and Buyer agree that all dates and times included in this contract are of the essence. this means that the Seller and Buyer must satisfy the terms of this contract within the time limits that are set in this Contract or will be in default, except as otherwise provided in this Contract or required by applicable law, including but not limited to if the Closing has to be delayed either because lender does not timeley provide documents through no default of the buyeror Seller or for (3) buisness days because of the change of terms as required by Consumer Financial Protection Bureau
Expert:  Ray replied 5 months ago.

Yes they can, there is a closing date and you need to extend it by addendum otherwise you are in default and they get your $5k here.

Thanks for the follow up.

Expert:  Ray replied 5 months ago.

Pleas let me know if you have more follow up.If you can positive rate when we are done it is always much appreciated.

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