Legal Question in Real Estate Law in New York

Re: What to do

What does your lawyer say?

What does the contingency clause in the contract say?

Without seeing the contract, it is impossible to determine your rights and obligations.

Re: What to do

Q. Is this a legal contract?

A. Yes, it is a legal contract. Upon conditions being met in the contract Closing would be determined by the parties. The date of closing would be a reasonable date. And should the Seller avoid a closing date your attorney could send a "time of the essence" letter.

Q. If I don't recieve financing, can the seller sue me for breech of contract? Or is ability to perform a ''legal'' reason for terminating the contract. The contract just states the buyer must make a dilligent effort to get financing. What is that mean?

A. A normal contract would have language stating that obtaining financing is a condition to closing. Should the purchaser fail in his or her condition, after making a good faith (diligent) effort to obtain financing, the downpayment is returned and the contract is canceled. Diligent effort means just that... diligent effort. Of course, without knowing the exact language in the contract I cannot give a specific answer to your question.

Mike.