New York courts typically require 30 days from the date of the TOE notice to the closing deadline - though the exact requirement depends on the circumstances. The buyer must have had a reasonable opportunity to perform. If there are legitimate issues beyond the buyer's control (board delays, lender processing), a court may find the deadline unreasonable. Your attorney must assess the facts before issuing the notice to ensure enforceability.
This article provides general educational information only. It is not legal, tax, financial, insurance, compliance, housing, brokerage, or professional advice. Rules, tax rates, obligations, enforcement practices, and market conditions vary by property, building, contract, municipality, and jurisdiction, and they change. Sellers should consult a qualified attorney, CPA, or other appropriate professional before making decisions based on their specific situation.
From the seller playbook: Time of the Essence Clauses - Seller Strategy for Closing Deadline Enforcement
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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