Closing Date in contract vs. actual closing date

So on our contract it says the closing date is oct 1 - which we understand to mean that we can close anytime between oct 1st and nov 1st by law.

What I am confused about is I read people on here having their closing date pushed back even further and I wondering what that is about? Do both parties have to agree to that?

This is our first time buying in NY and the process here is so much different from every other state. What a fustercluck!!

I appreciate any input or experiences with this.

Re: Closing Date in contract vs. actual closing date

usually you close within 30 days after what is stated in the contract. Ours was December 31 and we closed on Jan 27.

Re: Closing Date in contract vs. actual closing date

its called "time of the essence". you have 30 days to close from the date that it is stated in the contract. if there are extensive issues such as title problems, etc, then both parties would need to agree.

Re: Closing Date in contract vs. actual closing date

Thanks! I swear the home buying process in New York is so much more complicated!!

Re: Closing Date in contract vs. actual closing date

You have 30 days from the oct 1 date. If you don't close by nov 1 your attorney should send a time of the essence letter stating that the seller has to close by a certain date (the seller will get another 30 days). The only way to make the nov 1st date time of the essence is to state it in the contract which most attorneys will not agree to or have your attorney send a time of the essence letter on oct 1st to ensure that you close by nov 1st. I suggest to get a commitment for your mortgage to extend past the nov 1st date to ensure that you don't have rate issues if you dont close before then. Most attorneys will not send time of the essence letters either till nov 1st date because their client wants the house and is willing to wait past the date if needed.

I have a client that was suppose to close on or about july 15th. We still haven't closed and I didn't send a time o fhte essence and don't plan to because my client doesn't want go that route. It just really depends on what the circumstances are. My client is waiting for a certificate of occupancy to be issued on the house he is buying on a sun room.
Good luck I hope it all works out for you.

Re: Closing Date in contract vs. actual closing date

nm

Message edited 9/10/2007 10:04:54 AM.