In real estate contracts, the closing date is a critical deadline, and parties are not always entitled to delays or grace periods. Unlike other contract terms that might be negotiable, the closing date is typically a firm commitment. If either party fails to meet this deadline, they could be in breach of contract, potentially leading to legal consequences such as losing the earnest money deposit or facing a lawsuit for damages. While some contracts may include a provision for extensions or allow for a short grace period, these are not guaranteed and must be explicitly stated in the agreement. Without such provisions, the buyer or seller must adhere strictly to the agreed-upon timeline. It's essential for both parties to be fully prepared by the closing date to avoid any complications or financial penalties associated with missing this crucial deadline.
Tiffany Webber is a real estate attorney and owner of Thomas & Webber, a real estate law firm in Mooresville, North Carolina. They handle both commercial and residential real estate closings, estate planning, and business formations.
If you'd like to work with Thomas & Webber, please email info@thomasandwebber.com
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10 сен 2024
