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Q: I have a listing that went under contract in November 2024, and the purchaser is paying all cash. The settlement date in the contract is on or about January 9, 2025. We have now passed January 9, 2025, and we still have not closed because the purchaser is saying he was unable to liquidate certain assets in time to close on January 9. The purchaser says he will have the cash needed to close in the next few days. On January 11, 2025, the sellers sent a termination notice to the purchaser. The purchaser claims he has not breached the contract. Can I re-list the property for sale?  

A: First, you need to determine if the purchaser has actually breached the contract. Because the settlement date is “on or about,” the purchaser may not be in breach if he is making reasonable diligent efforts to close. If the purchaser is able to liquidate assets to close in a matter of days, he might not be in breach.  

Second, if the purchaser has not breached the contract, then you cannot re-list the home for sale as an “Active” listing because the home would still be under contract. If you are unsure if the purchaser is in breach, the sellers should consult an attorney to determine if he breached and whether the termination notice was valid.  

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