Anyone know what NYS law is on Contract CLosing, Time is of the essence...?

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

Need to push my c losing another two weeks to get my rate lower. Seller will not allow. Time is of the essence has been mentioned. Any suggestions....

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Kevin Clancy, Agent, Albany, NY
Tue Dec 2, 2008
Elm I could answer this fairly easily. However, I am not a lawyer and quite frankly any answer could be interpreted as providing legal advice and practicing law without a license. That said here are my general thoughts as I have several buyers playing this game right now due to the recent rate drop. Real estate transactions involve many, many people in different transactions up and downstream from your deal. Its not as easy as simply bumping your closing 2 weeks. Your seller has plans to buy another home. That seller has plans to buy a home. Each is most likely contingent upon the sale of their existing homes. Each have movers planned, temporary housing set up, new jobs starting, etc. Add in the holidays coming up with attorneys etc working limited work days for the remainder of the year and it isn't as simple as pushing your closing 2 weeks forward. You jam up dozens of people in most cases. I have seen this time and time again. One deal falls and its a domino effect. You signed a contract ,abide by the terms and refinance the home after you close.
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