Legal Question in Real Estate Law in New York
Buyer breech of contract
We have a signed contract with the contingency that the buyer obtains financing, she put-down a five percent deposit. The appraisal of the property came in less than the price the buyer offered and so I offered to sell at the appraised value, the buyer has decided not to buy the property citing incorrect square footage on the advertised listing and problems with the appraisal. What are my legal rights considering that the bank has approved her financing at the appraised value.
3 Answers from Attorneys
Re: Buyer breech of contract
The contract may still be binding and enforceable. The contract and advertising language, as well as the difference between the advertised and actual square footage, need to be considered. Assuming that the difference was small and the ad and contract are typically drafted, I would guess that the contract stands. Feel free to call me at 212-367-9167 to schedule a free consultation.
Re: Buyer breech of contract
Although you may or may not have an enforceable contract given the variation in the advertised square footage vs the actual square footage, you almost certainly will become involved in $costly $$$litigation if you fail to return the down payment. Given that the real estate market is hot right now for sellers, why not just find yourself another buyer?
Re: Buyer breech of contract
It largely depends on the specific language of your contract. You should consult with the attorney who is representing you in connection with this transaction.
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