New York, NY asked in Contracts and Real Estate Law for New York

Q: See below

If a seller backs out of a sale for a higher price ,

What recourse does the buyer have after posting deposits, finance commitment etc.and during there due diligence period ...?

Residential sale ...

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4 Lawyer Answers
Michael David Siegel
Michael David Siegel
Answered
  • New York, NY
  • Licensed in New York

A: If you have a contract, you can file a case and place a lien on the property so they cannot close with anyone but you. Expensive, but might be worth it.

Barry Eran Janay agrees with this answer

Mitchell A. Nathanson
Mitchell A. Nathanson
PREMIUM
Answered
  • Garden City, NY
  • Licensed in New York

A: If you have a signed contract you may file a Lis Pendens (Notice of Pendency) and commence an action for specific performance, assuming you did not waive your right to do so. If you have no signed contract, you have no recourse other than a return of any deposits delivered.

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Barry Eran Janay
Barry Eran Janay
Answered
  • New York, NY
  • Licensed in New York

A: If you have a duly executed Contract of Sale and have put up a deposit in earnest the Seller is bound to close with you. If the Seller refused then you can start a legal proceeding for breach of contract requesting the remedy of Specific Performance (forcing the sale of the house to you).

Ali Shahrestani, Esq.
Ali Shahrestani, Esq.
PREMIUM
Answered
  • Brooklyn, NY
  • Licensed in New York

A: What are the terms of escrow re: that? Why did the seller back out? More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website, www.AEesq.com. I practice law in CA, NY, MA, and DC in the following areas of law: Business & Contracts, Criminal Defense, Divorce & Child Custody, and Education Law. This answer does not constitute legal advice; make any predictions, guarantees, or warranties; or create any Attorney-Client relationship.

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