Home Selling in Queens>Question Details

Vwohner, Home Buyer in New Milford, NJ

My tenant and his 25 yr old stepdtr is in contract to purchase the house in which they and his wife is living (his wife's credit is poor.) The

Asked by Vwohner, New Milford, NJ Tue Jul 16, 2013

contract provided for closing "on or about 60 business days from the date of the Contract. They are now a week past that date. I don't think this sale will go through and they are prolonging the process to seek other financing of seeking somewhere to move. The contract says they have 30 days to move if the sale doesn't go through. My attorney wants to set a Time of the Essence date which gives them 4 additional weeks. I want them out so that I can get this house on the market. Am I being unreasonable? Was 4 additional weeks the best option? What action can I take if they exceed the 4 weeks? The contract says they'll lose their $10,000 downpayment if they cancel.

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Your attorney is correct in stating the time of essence and past that point they would most likely be holdover tenants, which would then involve LTC if they had a lease.
0 votes Thank Flag Link Wed Jul 17, 2013
The law is always in favor of the tenants in NY Good Luck

Ruth
Licensed Broker
0 votes Thank Flag Link Tue Jul 16, 2013
Double check the contract, if they were unable to obtain a commitment, their down payment should be protected. But I don't think you're being unreasonable at all. Consult your attorney.

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Tue Jul 16, 2013
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