Time is of the essence clause?

[tec123]

What is the name of your state (only U.S. law)? Virginia

I made an offer on a house. the ofer was accepted. the closing date on the offer was for 2/13/09. since the offer was made i found out that my lease isn't up on 3/1, that it's actually up on 3/31. i have until tomorrow to accept/reject the offer. i want to push back the closing date to 3/13 b/c of this. the issue is that the contract has a 'time is of the essence' clause in it, w/ a per diem of $100 per day to be charged to the buyer should the closing be delayed. i live in norfolk, virginia. what can i do? please help.

thank youWhat is the name of your state (only U.S. law)?

[Zigner]

What did the seller and/or their agent say when you talked to them about this?

[HomeGuru]

Originally Posted by tec123

What is the name of your state (only U.S. law)? Virginia

I made an offer on a house. the ofer was accepted. the closing date on the offer was for 2/13/09. since the offer was made i found out that my lease isn't up on 3/1, that it's actually up on 3/31. i have until tomorrow to accept/reject the offer. i want to push back the closing date to 3/13 b/c of this. the issue is that the contract has a 'time is of the essence' clause in it, w/ a per diem of $100 per day to be charged to the buyer should the closing be delayed. i live in norfolk, virginia. what can i do? please help.

thank youWhat is the name of your state (only U.S. law)?

**A: make a counter offer with the closing date that is acceptable to you.

[PghREA]

Originally Posted by HomeGuru

**A: make a counter offer with the closing date that is acceptable to you.

The original offer was accepted. Meeting of the minds, signed, delivered, etc.

You can always ask the seller if you can renegotiate the closing date. If he says "yes" - there's no problem and if he says "no", the closing date remains the same.

You might want to run this past your lender first to make sure that the revised date is acceptable for the loan he is securing for you.

[HomeGuru]

[quote=PghREA;2145371]The original offer was accepted. Meeting of the minds, signed, delivered, etc.

**A: not true since the OP states he has tommorrow to accept/reject the offer.
Based on that data, there is no accepted contract nor is there a meeting of the minds.