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When Does a Real Estate Purchase Contract Expire

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  • 01-28-2017, 05:02 PM
    horses2
    When Does a Real Estate Purchase Contract Expire
    My question involves real estate located in the State of: Maryland

    If a purchase contract for an unimproved lot is signed by both parties, and the contract contains no provision for exiting, and no date for closing, is there any "expiration date" on the contract? outside of either party suing to perform the terms, is there any other law or ordinance that would nullify the contract?

    thanks,
  • 01-28-2017, 05:14 PM
    Taxing Matters
    Re: Contract Expiration
    No statute would nullify the contract. The contract might however be considered to have lapsed or been abandoned if neither party takes any step towards performing the contract in a reasonable period of time. This is one of those things in which the exact terms of the contract as well as all the facts concerning the actions of the parties to the contract would matter.
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