As a layperson I would think the reason (i.e. illness / death in family etc.) for the delay would have some bearing on the outcome.
Bonnie Chernin and David Rogoff
Fillmore Real Estate Branch #19
2926 Avenue J
Brooklyn NY 11210
917-593-4068 (Davidâ€™s Cell)
646-318-5031 (Bonnieâ€™s Cell)
You question is a little vague. If there has already been a formal closing date confirmed by all parties and you have to cancel the same day there may be some financial repercussions. If the definitive closing date has not been set then you probably will not have a problem.
In most contracts of sale here in Brooklyn the closing date is what you call "on or about" meaning that there is flexibility. Usually this is considered to mean that you can close 30 before or after the date in the contract. It is also a kind of gray area and can stretch beyond the 30 days if need be. If either party takes too long the opposing party can sue for "specific performance" which is a legal procedure that will force the other side to close right away (even at that it usually takes about a week or two for that to happen).
If your opposing party has already sued for specific performance and you are still not willing to close, you can open yourself up to a lawsuit and get sued for additional damages. You need to speak to your lawyer about all this!! Also, if the contract closing date was worded as "time is of the essence" then you have to close on that exact date no matter what, however this is not the norm (check on that with your attorney).
If you are sitting at the closing table right now and trying to postpone, you will most likely have to pay more fees mostly involving the mortgage banker and attorneys. I can't tell you exact amounts without having more details on the sale. If you want contact me and I would be more than happy to discuss this with you further and give you more information. In the mean time YOU MUST SPEAK TO YOUR ATTORNEY! Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
I am sorry if my last post sounded Sarcastic or aimed at you personally. (That was not my intent)
I was just thinking a little out of the Box and throwing out the fact that the main thing is always; what is actually written in the contract and to not focus on anything that might be general or possible.
i.e. If it is a Bank owned prop. the contract would most likely be written as dictated by the Bank and they could be from anywhere. Also, If it is a Bank owned they would probably inforce an actual date and a per diem. (just 1 example...)
Anyway, I cannot believe how many questions abound on these posts that are completely answered correctly by simply reading what their contract says!
Susan, Find out Exactly What yours says... (that is all that matters)
Our standard contracts specifically state as follows;
CLOSING DATE. This transaction shall be closed and this agreement shall expire, at 11:59 p.m. local time on the _______ day of________ 2011(closing date) or on such earlier date as may be agreed bt the parties in writing. Any extension of this date must be agreed to by the parties in writing via the closing date/possession date amendment or equivalent written agreement.
Assuming that the hold up is on your end, If there is a "perdiem" amt. on the contract, you would be held to i.e. $50.00 or XXX per Day. You will also need to get an approved/signed by all parties, extension addendum. Void of this, the Contract is void on orig. closing date and you would be in breach of Contract.
And even that can be extended.
If the 2 day extension causes your rate to expire than yes. The lender will charge a fee per day to extend your rate lock. In regards to any other fees, you should speak to your attorney.
Best of Luck to you!