Legal Question in Real Estate Law in New York

didn't meet closing date is basis for puting lien on property ?
We entered into contract with seller on a house. Seller amended the closing date on the contract after we signed it (moving it a month later). My lawyer never highlighted this to us.
We are now two weeks after the date that I had signed for and we found something better. We would like to pull out of the contract, but we have a $42,000 in escrow at the seller�s lawyer. The seller is now ready to go to closing. We asked our lawyer if he can put a lien on the house to get back our deposit, but he claims that he has no basis for doing this since we didn't bring up the issue of them amending the date immediately after the signing.
Is there anything that we can do to get out of the contract? We have a potential buyer, but we have no way of showing them the house, since the seller is giving us a hard time!

Asked on 8/14/04, 11:27 pm

Arnold Nager Arnold H. Nager, Esquire

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Re: didn't meet closing date is basis for puting lien on property ?

Without seeing your contract it is not possible to give you a specific answer.

Generally, if a buyer defaults under a contract of sale, the contract provides that they forfeit their down payment as liquidated damages.

If that is your situation, you have two alternatives:

1) Go ahead and close on the deal and resell to your buyer, or

2) Negotiate a settlement with the seller.

Your attorney should be able to assist you.

Answered on 8/15/04, 11:52 am

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