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If buyer delays the agreed closing date can seller get

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compensation?...
If buyer delays the agreed closing date can seller get compensation?
Submitted: 2 years ago.Category: Real Estate Law
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1/26/2016
Real Estate Lawyer: Loren, Lawyer replied 2 years ago
Loren
Loren, Lawyer
Category: Real Estate Law
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Experience: 30 years of real estate practice experience.
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Good morning. I am Loren, an Illinois licensed attorney, and I look forward to assisting you.

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Real Estate Lawyer: Loren, Lawyer replied 2 years ago

So long as the seller is ready, willing and able to convey clear and merchantable title, the seller is entitled to damages if the buyer refuses to close on the agreed date. Many contracts provide for liquidated damages in the form of retaining the earnest money by the seller if the buyer breaches the contract.

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