What is the name of your state? Non-US resident. My wife and I are UK citizens. Please can anyone help with the correct interpretation of terms in a real estate Agreement for Sale?
On December 23, 2004, we signed an agreement to buy an off-plan condo in Florida. No specific building-completion date was given although we anticipated it would be maybe a year or so. We are now looking at Spring 2007, perhaps. We are satisfied as to the bona fides of the developers/sellers and are aware that others of this multi-phase development are up and running.
The Agreement states, among other things:
i) Closing Date. Seller has the right to schedule the date, time and place for closing. Closing shall be scheduled within two years of the Buyer's execution of this Agreement.
ii) Buyer will be given at least 10 days notice (of closing) but Seller may postpone for any reason.
iii) Time of Essence. The performance of all obligations on the precise times stated in this Agreement is of absolute importance and failure so to perform on time is a default, time being of the essence.
My questions are:
Does i) above mean that at the expiry of 2 years the Agreement is void and/or in default, or
Does ii) above mean the Seller can go outside the 2 years, or
Does i) above mean that only the scheduling of the Closing rather than the Closing proper shall be within 2 years.
We do not have an attorney in this matter although I recognise that it might be advisable. Thank youWhat is the name of your state?
12-30-2006, 09:47 AM
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