real estate residential closing

[mdecesare]

What is the name of your state?
new york

I am in the process of selling a condo in nyc.
The contract was signed by both seller and buyer on July 21,
I received a 10% deposit which has been placed in an escrow account.
The buyer also has a wriiten mortgage commiment and condo board approval.
The buyer expressed the need to close quickly, so in the contract of sale - the on or about closing date is August 21.
It is now Setpember 19, and I have still not closed on this property.
I have requested 3 different close dates and the buyer is never available.
She used the out of town excuse twice, her third excuse is that she needs to transfer
monies. We are now 30 days passed the on or about close date.
At what point, if at all, can I ask that the buyer be responssible for my carrying costs of the condo.
At any point is there a deadline, or can this buyer just take her time???

[mdecesare]

Originally Posted by mdecesare

What is the name of your state?
new york

I am in the process of selling a condo in nyc.
The contract was signed by both seller and buyer on July 21,
I received a 10% deposit which has been placed in an escrow account.
The buyer also has a wriiten mortgage commiment and condo board approval.
The buyer expressed the need to close quickly, so in the contract of sale - the on or about closing date is August 21.
It is now Setpember 19, and I have still not closed on this property.
I have requested 3 different close dates and the buyer is never available.
She used the out of town excuse twice, her third excuse is that she needs to transfer
monies. We are now 30 days passed the on or about close date.
At what point, if at all, can I ask that the buyer be responssible for my carrying costs of the condo.
At any point is there a deadline, or can this buyer just take her time???

My current attorney states there is not much I can do, other then sending a time is of the essence letter to the seller's attorney.

[Ohiogal]

Originally Posted by mdecesare

My current attorney states there is not much I can do, other then sending a time is of the essence letter to the seller's attorney.

Then send the letter.

[danno6925]

My current attorney states there is not much I can do, other then sending a time is of the essence letter to the seller's attorney.

What the heck? I was under the impression that when you sign a contract, you are bound to the terms and conditions contained therein. To you attorney, I say "boooooooo".

Inform your lawyer that you want to kill this deal for the buyers' specific non-performance in the "time is of the essence" clause that is found in almost EVERY real estate purchase agreement. there was a specified date of settlement. Without an addendum extending that date, your contract is no longer applicable.

Just curious...Is this attorney getting some kind of a commission that would be greatly reduced if the deal does not go to closing? You might want to think about what's motivating this attorney - Is it your best interest, or his payment from the proceeds? I would find a new attorney if I were in your position.

[Jaxdd]

I have to agree with danno......if you haven't signed an amendment to the contract extending the closing date (which is done often!!) then your contract "could" be considered void.