If a new home isn't completed on its original closing date, neither buyer nor builder can unilaterally cancel the deal. If the house still isn't ready 240 days after the original closing date, the deal is dead. If builders give insufficient notice, buyers are entitled to compensation. Despite causing tremendous inconvenience, builders can extend the original or extended closing date up to five days without notice. If asked to sign an amendment extending closing, consult your lawyer.
Amendments reset the delayed closing clock.
Different rules govern delayed condo closings. More on them next week. You can in our Columnist newsgroup. Join the discussion now . Alan Silverstein is a real estate lawyer whose column appears in the weekend Sun's New Homes section.