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Time of the Essence - NJ

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celebrity

Junior Member
What is the name of your state? - NJ

How does a Time of the Essence letter become a part of the legal contract, (if so), and how does it hold up?

Seller's attorney issued TOE letter for closing, effective yesterday.

OUR home sale was delayed due to buyer's mortgage company. We had a contingency in OUR purchase contract that sale of our existing home was a condition.

TOE was up yesterday, and we are set to close on Monday; 4 days later after TOE expired.

Seller's lost (?) house they were purchasing and evidently don't have a new house to go to.

What are my rights? - I have a signed contract for the purchase of their house. MUST sellers agree to abide by sales contract, or does TOE letter preceed?

Please, any assistance is appreciated. Thank you!!
:confused:
 


HomeGuru

Senior Member
celebrity said:
What is the name of your state? - NJ

How does a Time of the Essence letter become a part of the legal contract, (if so), and how does it hold up?

**A: it in it by itself does not become part of the contract.
*************
Seller's attorney issued TOE letter for closing, effective yesterday.


OUR home sale was delayed due to buyer's mortgage company. We had a contingency in OUR purchase contract that sale of our existing home was a condition.

**A: are you the Buyer or the Seller?
*****************

TOE was up yesterday, and we are set to close on Monday; 4 days later after TOE expired.

Seller's lost (?) house they were purchasing and evidently don't have a new house to go to.

What are my rights? - I have a signed contract for the purchase of their house. MUST sellers agree to abide by sales contract, or does TOE letter preceed?

Please, any assistance is appreciated. Thank you!!
:confused:

**A: confusing post. Have an attorney review your contract. Where is your Realtor?
 

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