Closing date TBD To be determined ?

[Wade Marcantonio]

I've entered into a contract to sell a cheap old house to a buyer on a property. He seemed like a trustworthy guy... So i unwisely agreed to his $0 earnest money contract with the closing date "TBD", which i had honestly never seen before and didn't think much of it... I deserve a thorough lashing for this one, I know!

So, now I'm in a position where the buyer refuses to set a closing date and i could be on the hook for the indefinite future. I'm unable to sell the property and he is just waiting for his opportunity to flip the contract or let me pay more taxes.

Is this contract valid without a closing date? What are my options to back out and start over?

Let he whipping post begin....

[Steve B.]

If there's no consideration then it's not a binding contract. That means if he didn't provide you anything of value in exchange for your obligation then it's not a valid contact.