Anyone know NYS law about closing dates, specifically time is of the essence?

Asked by Elm, Albany, NY Tue Dec 2, 2008

We were scheduled to close on December 4th. Everything was ready. A week ago when the rates dropped we re locked with another bank and the closing has be pushed to the 14th. The seller will not extend the closing date even when we offered a higher deposit, etc.. Someone mentioned to me about NYS law, that if we go past the closing date, the seller will put time is of the essence and that might possibly give us the extra two weeks. Any suggestions would be great....

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Gail Gladsto…, Agent, 11743, NY
Tue Dec 2, 2008
Time is of the essence means that the closing is not an "on or about" date; it is a specific date before which you must close.

Please speak with your attorney regarding this situation. By law, Realtors are not allowed to give that kind of is practicing law without a license.
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