Legal Question in Real Estate Law in New York

In New york State if property has been in contract (80k) for over 75 days, the amount if debt is 175% (145k) of contract amount, buyer wants to increase contract to (115k): how long does property stay in contract phase, and when can seller sell to new buyer without legal recourses.


Asked on 10/13/10, 10:21 am

1 Answer from Attorneys
Anna feldman Law office of Anna Feldman

it depends on the contract, if there is a mortgage contigency fee, how many days is it? If the Buyer exercised due dilligence in obtaining a financing. If he did not, or no commitment was issued, or financing was denied for some reason(some reasons will cause default of the contract), then the contract could be nullified.

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Answered on 10/20/10, 10:26 am


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