Legal Question in Business Law in New York

Violation of sale contract

We had an agreement to purchase a property, had $25,000 in escrow with the agent and had all of our financing set. Closing was supposed to happen in five days. The owner now claims he cannot sell to us and has to sell to another party who he now reveals he was obligated to offer it to before he accepted another offer. This property was on the market for 4 years...Should we sue?


Asked on 10/25/07, 3:42 pm

1 Answer from Attorneys
William Pinzler william M. Pinzler

Re: Violation of sale contract

You need to consult a lawyer immediately. He or she needs to review the contract to determine if you have a right of specific performance. The only way the seller could be obligated to sell a piece of property to someone else is if there is a written contract. He needs to produce that written contract and you need to take that contract to your lawyer as well.

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Answered on 10/25/07, 5:00 pm


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