Legal Question in Real Estate Law in New York
1 sided cancellation of real estate contract
I am the owner of a 3 family residential building; currently under contract to sell the building; but want to cancel the contract, since there have been many delays on the part of the buyer. What are the consequences of doing so?
Asked on 6/25/07, 1:23 pm
2 Answers from Attorneys
Michael Moberg
Moberg & Associates
Re: 1 sided cancellation of real estate contract
It is normally very difficult for a seller to cancel a contract unless there has been a material breach by the purchaser or the contract has a provision for cancellation.
Notwithstanding the foregoing, the Purchaser has a remedy to sue you for specific performance binding the sale.
Answered on 6/27/07, 10:48 am
Robert R. Groezinger
GroezingerLaw P.C.
Re: 1 sided cancellation of real estate contract
Who knows? What does your attorney say the contract says?
Good Luck
RRG
Answered on 6/25/07, 2:26 pm
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