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What happens if the parties are not able to close by the closing date in the contract?

April 26, 2017able closing contract happens Parties

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What happens if the parties are not able to close by the closing date in the contract?

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If the contract includes a time is of the essence provision, the contract’s closing date is a firm one; if not, then a reasonable time will be applied. Of course, there are other contract terms that may affect the occurrence and timing of the closing date.