Purchase contract has typical ‘Settle on or before xx/xx/xxxx date’. What happens to agreement if date passes? Is it a condition that voids the contract?
If the words “Time is of the essence” appears, it means “Real soon, right now”…in Louisiana the settlement date meant something like “Settle on or before xx/xx/xxxx date” or within that millenium…there was a 5-7 day variance…
Keith
- read your contract
- ask your agent. It varies from state to state. In one state I purchase in, I’ve been told you have to be 30 days past the settlement date before any judge will consider any breach of contract lawsuits, etc.