It’s important to remember that just because a deal is under contract doesn’t necessarily mean that the deal will close. Things happen, like job loss, “buyers remorse” and “sellers remorse” to name a few. In some cases, you can take legal action if the seller refuses to complete the sale, so contracting the services of a nyc real estate attorney may be in order. It’s important to note that their may be limitations as to what you can to do legally written into the initial sales agreement, so be sure to read your contract carefully.
A buyer has certain options available to him or her if the seller wrongfully refuses to give title or otherwise breaches or defaults on the agreement between the parties. These remedies include:
Monetary damages for breach of contract
- Termination of the contract, return of earnest deposit, payment of expenses, attorney’s fees and others
- Specific performance of agreement
If you believe you’re entitled to monetary damages, consulting with a real estate lawyer NYC should be your first step. Money damages are typically measured by the difference between the sale price and the market value of the home.
Termination of Contract/Recovery Money
In the event that the seller breaches contract, or where no contract is entered into, or where a contract is made unenforceable, the buyer is entitled to terminate the contract and recover payments made. Consulting with a nyc real estate lawyer is important to ensure all monies due is paid. If both the buyer and seller agree to terminate the contract, the buyer may recover purchase money paid.
If the seller is able, but unwilling to perform, specific performance may be initiated. Specific performance is at the courts discretion and is where the party claiming a breach of contract wants to complete the deal according to the terms, rather than receive monetary damages. If a buyer seeks specific performance, they must be ready and able to perform their obligations under the contract while the lawsuit is pending.
If you find yourself in the position where your seller has backed out, can no longer sell, or no longer wants to sell, you do have options available to you. While it is unfortunate, this is why having a detailed contract and consulting with a new york city real estate attorney is necessary. Your attorney will ensure that you are protected, and will fight for your best interests if a deal should go sour if the need should arise. Remember to always read your contract carefully and have your lawyer explain to you in detail any sections that are confusing or unclear.