Home Selling in 10016>Question Details

S, Home Buyer in New York, NY

do both parties, buyer and seller, have to agree to a postponement of the closing date or can one party ask for it only on a coop in new york city?

Asked by S, New York, NY Sat Jun 5, 2010

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Many of these answers are incorrect, and thats perhaps due to the question. You DO NOT need both parties to consent to postponing the date in some circumstances. Typically a Contract of Sale will provide for certain situations, listed below, such as an on or about date. However, where the co-op doesn't yet specifically approve the proposed purchasers, the closing may have to be postponed, and there are many times when there is little the sellers can do with regards to that. So like any lawyer in New York City would say....it depends. Im a Real Estate lawyer
0 votes Thank Flag Link Fri Oct 29, 2010
S, seeing as you are classifying yourself as a Home Buyer, I will assume that is the case, you want to close, and the seller wants more time. If you have an on or about date, and the seller comes and says they want to postpone, if you are within the 30 day period, they can do whatever they want, and your lawyer will tell you that you can't force them to close. By now, I am sure that S has closed already, because we are more than 30 days past June 5th.
The biggest problem that I find is that sellers often say things about when they plan to close, and how much of a hurry they are in, to accomodate the buyer before contracts are signed. I have had numerous situations where the buyer and the agents swear up and down that the seller will be out by a particular date, usually the date in the contract. I lock them in until that time because they are begging me to do so. We come to a week or 2 before that date, and the sellers are adamant that they cannot be out by that date. If a buyer is in a situation where they cannot extend their rate lock at no charge, or the lease on their current apartment, they might have to close and have a post closing possession agreement. the seller continues to pay maintenance and leaves money in escrow until they move out. Once in a while the seller will agree to pay the buyer's interest also. I had 1 deal where I agreed to give the buyers a rebate because I knew I shouldn't have listened to them, and should have looked at the contract before locking them in.
0 votes Thank Flag Link Sun Jul 11, 2010
It depends on the circumstances, and you haven't told us enough about the situation.

Specifically, your contract has an "on or about" closing date written into it. What we don't know is if you are asking for that contract date to be changed, OR if you have scheduled a closing already, and the other party wants to put it off a few more days, and you're being inconvenienced or it's costing you money, and you want to know if you have any recourse.

I don't like to say this too often because it always sound like a cop-out--But of course you really do need to consult with your attorney. I will observe that you can't put a gun to somebody's head and make them sign the closing paperwork ;)

Karla Harby, VP
Charles Rutenberg Realty, New York City
0 votes Thank Flag Link Sun Jul 11, 2010
There must be agreement between both parties and this must be negotiated by the attorneys.
0 votes Thank Flag Link Sat Jul 10, 2010
Both parties need to agree.
0 votes Thank Flag Link Wed Jun 23, 2010
I will agree with the answer below and add if you have your own buyers agent the listing agent is probably going to want to know why you need the extension, or why you want it. If it has to do with financing do not be suprised if they seller wants you to make your earnest money hard (non refundable) this will show that in good faith you are not withholding anything that may be affecting your ability to obtain the lending that you are seeking or know of anything that might interfere. If it is simply that you need extra time or the underwriting is taking longer than expected. (It happens a lot these days) generally buyer and seller agreement is not a hard thing to get. Now this could also depend on the sellers plans...are they waiting on you to close so that they can close on another home etc. You may be in a domino type situation. Obviously I don't know the circumstances of your transaction. So always consult with your real estate agent or your attorney when making these types of requests.
Good luck
0 votes Thank Flag Link Sat Jun 5, 2010
Both parties (the buyer and the seller) will have to sign an extension in order to extend the closing, Your buyers agent should be able to type this up for you, if you do not have an agent you will have to ask the listing agent to take care of this task. It does have to be in writing and does have to be signed by both the buyer and teh seller. good luck with your purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Jun 5, 2010
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