Termination Due To Buyer's Failure To Satisfy Contingencies

[kornblp]

What is the name of your state? New Jersey

I sold a piece of real estate, contingent upon the buyer's ability to get a subdivision approved within 1 year, + up to 2 x 6 month extension periods [total 2 years]. My contract says that if the buyer has not satisfied or waived the contingencies within 2 years, I have the right to terminate the deal on the day after the expiration of two years. Since the land is much more valuable than it was two years ago, I terminated the agreement.

Although the contract is very clear, the buyer does not want me to terminate the deal or renegotiate and seems to be claiming that they have some sort of right to a "time of the essence" closing. The contract does not say anything about this.

Is the buyer (and his attorney) just BS-ing me in an effort to salvage their below market purchase...or is there some sort of statute that would prevent me from terminating the deal even though there is no mention of that in the contract.

Appreciate advice from an expert.

Thanks

 

[JETX]

Though this does sound like an interesting case, regretably, we are not able to offer you a definitive answer since that would require a complete review of all issues and documents.

I suggest you make arrangements to talk with an experienced real estate attorney in your area to get accurate advice.