Contracts
In South Dakota, the 'closing date' in a purchase agreement is:
AAlways a suggestion that can be changed at any time by either party
BA contractual deadline that, if preceded by 'time is of the essence,' must be strictly met✓ Correct
CSet by the lender and cannot be changed by the parties
DAutomatically extended by 30 days if either party requests
Explanation
The closing date is a contractual term. With a 'time is of the essence' clause, missing the closing date may constitute a material breach.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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