Legal Question in Real Estate Law in New York
Salle of a piece of property
Can the purchaser back out of the sale of land before the closing but after a deposit has been made and a contract signed? All requirements of the contract have been met and they are approved for the money.
2 Answers from Attorneys
Re: Salle of a piece of property
The Buyer cannot be forced to purchase a home
If he fails to buy when all contractual
contingencies have been met, he may be
sued for damages
Re: Salle of a piece of property
Because the sale of real estate is primarily a business transaction, either party can back out of the deal. This does not mean, however, that there are no consequences.
You will need to take a look at the contract of sale. It will specify remedies for backing out of the deal. Often, the seller gets to keep the deposit money. You will have to read your contract to ensure this is true in your case.
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