If a bank missed the closing date and hasn't submitted a new closing date, is the contract void?

I put an offer on a house on Dec. 30, 2009. The last submitted closing date was March 19, 2009. I still haven't closed on the house. The bank will not respond to the listing agent. Is the contract void and can I get my earnest money deposit back?|||No, it is not.





Unless you have "time is of the essence" language written into the contract, the closing date is a TARGET date and DOES NOT make the contract void if it is missed.





This is one of the most misunderstood facts of real estate contracts.|||In the spirit of a real estate contract Yes the bank has not lived up to or completed the transaction on the date the contract said it had to. So in my experience you should be allowed to get out of the deal with no troubles have your attorney or realtor submit the forms to get your earnest money back. That is if you no longer want the property.|||Depends on why it hasn't closed. If you can't get financing than that will usually void your contract. If that is not the case you still have a contract with the owner, the sales contract still may be enforceable, ask your agent and start looking at another bank.