I had a contract that was set to close on the 3/28/20, time is of the essence. COVID-19 his and the world stopped along with all NYC courts closing for non-essential business, so I couldn't enforce the contract. The contract stipulated that one commercial lease had to be in effect at the time of closing. On June 29th my lone commercial tenant went bankrupt and vacated their lease.
Does this let the buyer out of the contract even though they passed the original set in stone, closing date?
Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
6y
Just based on the info provided, the way I’d look at it is, the one commercial lease has to be in effect at the time of closing per the contract. Closing hasn’t happened yet. The one commercial lease is no longer in effect. Seems like the buyer could use that to get out of the contract.
Your lawyer would know for sure. This is just my two cents.
San Jose, CA · Member since 2015 · 4k+ posts · 3k+ votes
6y
Without seeing the contract, nobody can advise you. I suggest you get advice from a lawyer. I don't understand your post, honestly - too many details left out.