Legal Question in Real Estate Law in New York
Deeds and recsion
What is the law in connection with signing a Bargin and Sale Deed in NYS and having time to change your mind and void transfer of property and reclaim ownership?
2 Answers from Attorneys
Re: Deeds and recsion
You have not indicated if the closing has taken place. If it has and the Deed has been delivered, this is a closed transaction and cannot be rescinded. If the closing has not occured yet, you can probably call off the transaction, but you will probably have a damage claim made against you by the buyer.
Re: Deeds and recsion
Once the closing occurs and the deed is recorded the property has changed ownership. On the other hand, if the closing has not occurred a party can back out of the transaction, but will be subject to the penalties, if any, listed in the Contract of Sale.
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