Legal Question in Real Estate Law in New York

cancelling contract
A relative of mine signed a contract to buy a house based on her expected income in a job she would be interviewing for. The job didn't pan out, and now she can't afford the house. She hasn't closed yet. Any way for her to get out of this?

Asked on 8/20/07, 7:57 pm

1 Answer from Attorneys

Debra Palazzo Law Offices of Debra Palazzo, LLC

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Re: cancelling contract

Only if she had a mortgage contingency clause in the contract and the bank rejects her in writing.

Otherwise, her deposit is at risk.

Answered on 8/22/07, 11:47 pm

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