My buyer wants to extend closing date to June 2010 due to a lease agreement he holds until then. Please advise. Thank you,

I am an attorney and a real estate agent licensed in Maryland. That is a very long closing, and I would not agree to it. At the very least, you should have the right to accept a back up contract, and give the purchaser 48 hours to either agree to an earlier closing or get out of the contract.

It sounds as if you may already have a contract for the sale of the property. You should review the contract and take it to a local lawyer. The buyer may have breached the terms of the contract if the settlement date was set and the term "time is of the essence" included in the contract. If the buyer has breached, you might be able to retain the deposit as liquidated damages (depending on the terms of the contract) and re-list the property to another buyer.

The contract, however, may be vague enough for the buyer to make you agree to the new closing date or you may refund the deposit and find another buyer. Again, contact a local lawyer in this matter.