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Answers (2)
it would also depend on who's fault the failure to close was.
- Nathan Wolf, "natewolf"
- Contributions:1825
It depends on exactly what the terms of the contract state. Some states such as South Carolina have a "time is of the essence" clause with respect to the closing date. Other states, such as in North Carolina, have a more flexible approach to the closing date. They offer a "reasonable" extension of time for either party, with a consideration (money) to be paid to the party who did NOT cause the delay.
Are you the seller or the buyer?
if you do not close on closing day and contract says that it expires on closing day can buyer walk?
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