Legal Question in Real Estate Law in New York

Termination of contract based on duress

After being in contract for four months and having three failed closings due to seller's inability to close, I was advised to sign a contract termination agreement at the third closing in order to ensure the safe return of my deposite. I have since realized that this action was taken under poor advise,with no time for consideration and under a great deal of mental duress. Can I challenge/recind this termination agreement and reinstate the contract? Can I sue for specific performance based on this?


Asked on 11/13/02, 8:25 am

2 Answers from Attorneys
Lisa Breier Urban Breier Deutschmeister Urban & Fromme

Re: Termination of contract based on duress

If you signed a termination of contract and received the return of your deposit, then the contract is terminated as is your right to sue for specific performance. Assuming you did so under advise of counsel, it would be very difficult to set aside at this point. However, you may want to have an attorney review the documents you signed before making a final decision.

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Answered on 11/13/02, 10:35 am
Walter LeVine Walter D. LeVine, Esq.

Re: Termination of contract based on duress

If the contract has been terminated and you received your deposit back, the deal is over. If the matter was not finalized (you did not get your deposit returned yet), you may want to rescind the termination and sue for specific performance. You may first have to issue a time of the essence letter to another closing before you can sue. If the deal is over and you feel you received bad advice, you may want to consider an attorney ethics claim against your attorney which is filed with the local bar association. Did your attorney ever issue a time of essence letter? If not, there may be a malpractice claim.

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Answered on 11/13/02, 12:28 pm


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