Question for my New York agents

I have a buddy buying in upper state NY. He has purchased several homes before but this one he noticed some thing different.
For the closing date it said "closing will be on or about 7/1/10." He asked his agent about it and she said that the seller will be allowed to close either on that date or even 2 weeks AFTER the date. No where in the contract did I see anything about the 2 weeks after.
The agent told him that is very normal for NY and that if the sellers did not close 30 days after that date then he would be able to sue.

I am in OH and we put "closing to be on or before 7/1/10".

I have been doing real estate for almost 10yrs and I have never heard of such. Does anyone know about this? Let me know thanks.

Replies

Cynthia McKenna March 16, 2010 at 4:01pm

We do on or about here. It is not a law or anything, but an unwritten gentlemans rule that the homeowner or the purchaser can close up to 30 days after the on or about date. The attorney that is trying to get the closing has to write something demanding closing within a specified date.
Strange, but that is what it is.
Why is the date so far out? Usually 45-60 day closing is the norm.
- Corey Barnes > Cynthia McKenna March 17, 2010 at 4:39am
  
  Seller did not think they would have a buyer so quickly. They do not want to release possession until June when they are moving to Ca.
  Thanks for your reply. I just have never heard of that... Thanks...

This reply was deleted.