House Closing...what if we cannot close that date?

[ralph31550]

I found out from our bank that the "on or before April 27" date on our sales contract
from our new house might mean squat. She doubts if the 2 realtors involved will get their work done intime so closing will be delayed a day or two. Here is my question!
If the realtors have not done their work and they prevented the closing from occurring, is the buyer or seller still bound to close on that property or could it nullify the deal if either party wants to bail out?

 

[ALawyer]

Unless there is a "time is of the essence" clause, and perhapos even if, the consequences are very limited if any.

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