Home Buying in 11762>Question Details

Chris, Renter in Lynbrook, NY

What does on or before ( for example aug 1) mean in a contract when buying a home?

Asked by Chris, Lynbrook, NY Fri Jun 13, 2014

The house is on long island, ny

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6
The closing date in a home sale contract is basically a target for the closing rather than a hard and fast deadline. Can happen on closing date or before.

Good Luck
1 vote Thank Flag Link Tue Jun 17, 2014
The closing will happen by the closing date or before. It shows a certain flexibility and/or willingness to close early if possible. Quite frankly adding this term to a contract can cause confusion because different people interpret it in different ways.
1 vote Thank Flag Link Fri Jun 13, 2014
You should be asking your attorney the question....it means that the closing could occur on the specified date, or before that date, or sometimes slightly after that date--so it's a close estimate as to when closing will take place....
1 vote Thank Flag Link Fri Jun 13, 2014
Hello Chris,
You're not the only person who finds that wording confusing. "On or About August 1st", simply means that the target date is August 1st, but allows a 30 leeway for either party. So, if you've got your commitment and plan on closing on the 1st, but the homeowner can't vacate until August 15th, they are within their legal rights (I'm not an attorney, but that is the proper phrasing) to hold off until the 15th. Conversely, it helps the buyer in the event that their lending institution is slow to process your mortgage. You also would not feel "under the gun", because you have that same 30 day leeway.
The majority of real estate contracts are written this way. The other way the contract can be written is when it states: "Time is of the Essence"; in this case August 1st, means August 1st.

Hope that helps you and if you have any questions, please don't hesitate to contact me by phone, text or email.
Good Luck,
Susan Monaco
0 votes Thank Flag Link Fri Oct 17, 2014
Hello Chris.

If you are asking that question, sounds like you might not be working with an agent. Are you in a contract to sell or buy a home? If you are still looking around, let me know and I can help you further.

If my response was helpful, consider clicking BEST ANSWER!

Thank you for your valuable time!

Oleg Volfman, CBR, RSSP
Lic. RE Agent, Office Manager
Quick Deal Realty, Inc
http://www.quickdealrealty.com
Office 516-599-5559
Mobile 917-685-0489
ovolfman@gmail.com
0 votes Thank Flag Link Sat Jul 19, 2014
On or about date legally means that the target closing date is on or typically within a month of August 1st. Doesn't necessarily have to be prior to that date.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Assistant Director of Sales
ACADEMY MORTGAGE CORP
105 Conklin Street
Farmingdale, NY 11735
jmeneses@bankamc.com
(516) 606-9648 Cell
(631) 227-3258 Office
(516) 249-1606 Fax
0 votes Thank Flag Link Fri Jul 4, 2014
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