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Updated over 3 years ago,

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Sarthak Ganguly
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[Buyer]Oil tank found, past contract close date, how to pull out

Sarthak Ganguly
Posted

In NJ, right outside Manhattan

Put an offer in December to purchase a condo with an initial close date of 2/4.

Seller pushed back to close on 3/12 and after some deliberation we agreed since our lease was expiring on 3/16.

Oil tank was found in the condo and confirmation letter sent on 1/22 to buyer.

Oil tank still not removed and now further delays due to Coronavirus.

My lease have run out, staying in a hotel with a 8 month old and wife with all stuff in storage locker. Storage sent a note today that they might close down anytime next week.

We sent a termination letter on 3/14 but seller refuses to sign.

My lawyer says I can't send time of essence letter since a oil tank is not a breach of contract.

I am stuck in a hotel with wife an infant and with 15k in escrow and the date on contract have passed but still I cannot pull out? Is that right?

I had such statements in the contract amendment: "In the event that seller is unable to vacate by March 12, 2019, it shall pay Buyer $250/day to remain in occupancy for a maximum of 30 days, time of the essence as to this date."

AND "Paragraph 3(E); the closing date shall be on or before March 12, 2019."

(Obvsly hotel is not childproof and my kiddo is getting injured left and right everyday, it is extremely dangerous, not mentioning the risk of virus while living in a hotel).

My mortgage lock expiration happened on 3/8 and mortgage expires on 4/8.

At this stage I just want to get out of the contract and get a rental for 3-6 months.

Any suggestions?

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