Hi there Tv5389, closing dates are often thought of as targets rather than hard deadlines, however, as you have done plans are made and expenses incurred with change. I hope that you have an attorney assisting you with your transaction - I suggest you consult with him/her to negotiate this request from the seller. I've not heard of a standard grace period - what I have heard of is "time of the essence" which can be called upon if the closing does not occur as agreed and if all contingencies are met (mortgage commitment, inspection...) - I think this is generally a 10 day period.

Talk to your attorney - he/she may be able to negotiate this to a shorter delay, negotiate some of the expense that you will incur as a result of the delay, or perhaps close as scheduled and consider a allowing the seller to remain under a Use and Occupancy in which you are paid a fair rent. However, a clean and final closing is always preferred.

Talk to your attorney for a clear understanding of your options and good luck to you!
Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com

Yes, it true. "on or about" is interpreted as 10 days in either direction. Ask your attorney about your options to recoup your additional costs. At times a buyer can do a "use & occupancy" so they can move in early but not close on the home to help with moving/storage costs. As long as your mortgage extends through the cost date the seller is proposing it is reasonable to postpone under Jersey law.

Camille Miller
Broker/owner http://www.justjerseyrealestate.com

Hi Tv5389:

Does your contract of sale stipulate on or about OR on or before with regards to the settlement date?

I see you’re from Paramus, NJ. From my understanding most transactions in Northern NJ involve an attorney. Do you have one? If so your attorney would be the best person to advise you as to whether or not this kind of provision exists and what your legal rights are.

Why does the seller want to push the settlement back 10-days? The reason I ask is because perhaps something can be done to alleviate a problem the seller is having so that closing may in fact take place on the 31st. While not very common perhaps the seller would be willing to do a lease-back which would mean that settlement would take place but in this case the seller would remain on the property for a pre-determined period of time for a fixed cost.

While this has its advantages & disadvantages my recommendation would be to determine what the cause of the delay is and then figure out if something can be done to work around the problem at hand.