Legal Question in Landlord & Tenant Law in New York

Land Contract Termination

We am currently in a two year land contract which only one year has been fullfilled. My boyfriend lost his job and we cannot afford to ''purchase'' the home any longer. Is there any we to get out of the contract - can we maybe reach a settlement with the seller. I not sure what to do we are in a financial crunch we don't even have money to pay this months payment.


Asked on 11/10/03, 9:58 am

1 Answer from Attorneys
Stephen Loeb Law Office of Stephen R. Loeb

Re: Land Contract Termination

While you are free to try to reach a settlement with the seller, he is under no obligation to settle. There are no grounds for repudiation based upon financial difficulty, however if your debts exceed your assets you may want to consider bankruptcy protection.

Should you like to discuss this or any other legal matter, you can call my office to schedule an appointment for a consultation or in the alternative, I can be reached for on-phone low-cost legal consultation at 1-800-275-5336 x0233699.

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Answered on 11/10/03, 10:49 am


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