I am buying a co-op apartment in NY. I would like to close 2-3 weeks after the date on the contract. Do I have any leeway on this? The contract says "on or about"?
2007-06-08 04:44:45 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Usually you have a final close by date. You can close anytime before or on that date. If you want to close later you have to amend the offer to purchase and both parties have to agree to it.
2007-06-08 04:48:01 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Not sure about NY, but where I work if there isn't a clause relating to this date that says "Time is of the Essence" (or that wasn't written in by the other party) then you have 2 weeks leeway on this date.
I'd suggest just calling the other party, explainging the situation, and telling them you need a few extra days. They probably won't make a big deal of this as it happens frequently (and even if they do there is probably nothing they can do about it), so just see what their reaction is.
2007-06-08 04:53:06 · answer #2 · answered by Slumlord 7 · 0⤊ 0⤋
If all parties agree to the delay, sure. The lender and the seller will have some say in this. If everyone is ready to close they can effectively force you to close as agreed.
Additionally you may lose your rate guarantee if you have one and the rate floats to market.
2007-06-08 04:50:03 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Contact your Realtor and ask for an extension. They will have to revise the contract, IF it's OK with the seller.
2007-06-08 04:47:13 · answer #4 · answered by Kathleen M 4 · 0⤊ 0⤋