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Maybe – it depends upon the precise language of the contract. Most standard real estate contracts contain the following provision: “Settlement to be on or before ______________ (‘Settlement Date’).” So the question becomes whether this requires settlement on or before the settlement date. Or, stated differently: “Am I in breach of the contract if I do not close by the settlement date?”
How many of us have heard the words "I bought a house," only to discover later on that the "deal fell through." In reality what happened was that a contract was signed for the purchase of a home but some contingency in the agreement could not be satisfied so ownership never transferred from the seller to the buyer. In a case like this misunderstanding is often the result.