Expert: Sue Bernstein - 5/28/2007

Question
Hi,
I was given ONLY a 4 day written notice on the closing date of my condominum.  I was sent an email on 5/27/07 6:00 PM indicating that i must close on 5/31/07.  I believe that they are doing this because on June 1st, it is within my right to terminate the original contract.  Can you tell me if there is enough legal ground for me to terminate the contract?   

Here is the exact verbiage on the purchase and sales agreement:

2. Closing Date. The Closing Date shall be fifteen calendar days after Seller provides notice to Buyer that it Seller is prepared to close, but not later than February 1, 2007.  Seller may extend the Closing Date on one or more occasions, provided that Seller must obtain Buyer's approval for any extensions that would cause the Closing Date to be later than June 1, 2007 (whyich may be referred to herein as the "Termination Date").  Buyer shall have the right to termintate this Agreement and receive a full refund of its earnest money deposit if Seller extends the closind date past the Termination Date, as Buyer's sole remedy.  Buyer must give such notice of termination within five days after receipt of Seller's notice extending the closingd ate past June 1, 2007 and Buyer's failure to timely deliver such notice to Seller constitue a waiver of the termination right.

Your urgent help is much appreciated. Thanks!

Answer
Dear Howard,

I am a little confused by the February 1, 2007 date since that is long past.
Questions:  Did you provide notice that you were prepared to close?  Did you attempt to change the closing date?

It appears that the scheduled closing date is June 1 if you did not make any requests to extend the closing date and, if you did, it must meet approval of the buyer or the buyer has the right to cancel.

The contract is a little confusing because it talks about you providing notice that you are prepared to close but it also puts June 1, 2007 as the close date. If you did not make any requests to extend then the agreed closing date is June 1 as spelled out in the original contract.

Hope this helps and good luck.

Sue Bernstein