What are my rights regarding a change in the closing date?

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What are my rights regarding a change in the closing date?

I was scheduled to close today at 10 am but received a call from my settlement office at 9:45 am advising that my settlement would need to be changed to 3 days from now. My purchase agreement requires the Seller to give me at least 2 days notice to change the settlement date. Does this constitute a breach of contract and can I walk away from the purchase?

Asked on June 26, 2012 under Real Estate Law, Virginia

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

From what you write, it appears to be a material, or significant, breach of the contract of sale, since the closinig date is almost always considered a material term, and therefore could entitle you to terminate the contract without penalty, so long as you have not already consented to the adjustment. However, the specific language of the agreement and all the specific facts are critical to determining your rights, so you are advised to consult with a real estate attorney in detail before doing anything.


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