Question Details

Steve, Home Buyer in Washington State

New Construction vacation development in Washington State, closing date was supposed to be Jan 08, and has

Asked by Steve, Washington State Fri Jul 18, 2008

been extended 2 times, currently closing is 7/30, and now developer wants another extension, if the buyer does not sign this and walks, good chance they can get their earnest money back? "Time is of the essence" is in the contract. It is not an MLS contract. I've shown this to other's and it could be construed that this 30 day right to accelerate or extend closing would only apply to original closing date. Would not , time is of the essence for the seller to perform come into question ?

Closing Paragraph:


This sale shall be closed on or before _________ (originally 1/3/08), provided Seller reserves the right to accelerate or extend Closing for up to an additional (30) days without fee or penalty. "Closing" means the date on which all documents are recorded and the sale proceedds are available for disbursement to Seller. Purchase and seller shall deposit with closing agent all documents and monies required to complete the sale in accordance with this Agreement

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