Legal Question in Real Estate Law in New York

When a buyer cancelled a sale a day before closing, what is his financial obligation?


Asked on 11/01/11, 5:45 pm

3 Answers from Attorneys
Michael Markowitz Michael A. Markowitz, PC

More factual information is needed to answer this question.

Mike.

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Answered on 11/02/11, 4:50 am
Walter LeVine Walter D. LeVine, Esq.

I agree that more facts are required. For exapmple, what reason was given and what does the contract provide about this? What damages does the seller claim? What action has the seller taken to minimize his possible damages?

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Answered on 11/02/11, 7:47 am
Kevin Connolly Kevin J. Connolly

If we assume that the contract was written on a fairly standard form, and the buyer did not have an excuse, he simply did not have funds to close, then the buyer usually forfeits the downpayment and has no further obligation to seller. If the contract is different, the result may vary. If the buyer has a legal excuse, the result WILL vary.

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Answered on 11/04/11, 6:01 am


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