I had a signed contract to purchase a condo and to close on June 4, 2003. I had 1 credit problem which was an incorrect item on credit report. A house i sold on 12/29/98 was listed as forclosed. On approx June 12, 2003 I recieved a “Time is of the essence” letter from the seller that I had till June 17, to get financing straight and close. Frustrated and feeling under undo duress, as most when dealing with creditors and credit reporting agencies. I said forget the deal. Not knowing that the “Time is of the essence” letter after the fact, not included in orginal contract may be of question. Well now the condo is worth $245k, My contract was for $117,500. Is there any thing I may be able to do, since i feel I was pushed out of the contract, with a questionable time is of the essence letter?
Our purchase contract on property we are to purchase through a county fudiciary, had a closing date that has come and gone by week and a half. The escrow company says it is waiting for courts to send some paperwork and hence we have been put on hold and cannot close on this property: There is a time is of essence clause in contract, do we have any options regarding a suit ect. due to seller not completing purchase agreement?
You are correct that the “time is of the essence” clause makes the
closing date absolute. You would have a right to damages caused by
the seller’s delay. As a practical matter, I would not bring it up now
and cause a big blow up - wait until the problem is fixed, then at the
closing table, say, “so… let’s discuss how you are going to compensate
me for the delay”. See if you can squeeze a few bucks or some other
concession at that time.