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Virginia Attorney General Ken Cuccinelli agreed to the $25 billion joint federal-state settlement for victims of foreclosure abuses and fraud.
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?”