Woodside, NY asked in Real Estate Law for New York

Q: My offer got accepted and the seller signed the purchase agreement on Friday. How do I back out of the agreement?

There were some issues with the home which we realized after offer got accepted.

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4 Lawyer Answers
Vincent Gallo
Vincent Gallo
Answered
  • Staten Island, NY
  • Licensed in New York

A: Your contract may contain contingencies that may afford you the opportunity to cancel the contract.

Mitchell A. Nathanson agrees with this answer

Ali Shahrestani, Esq.
Ali Shahrestani, Esq.
PREMIUM
Answered
  • San Francisco, CA
  • Licensed in New York

A: It depends on the problems, the disclosures, and the terms of the escrow agreement. 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.

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

A: If you didn't sign nor place deposit money in escrow call and notify the other side you changed your mind.

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

A: Once the contract has been placed in the mail for return it is binding on all parties. You may rescind up until the time it has been accepted, so you may be able to act quickly. In any event, this is really a question that needs to be presented to your lawyer representing you as the terms of the contract are best known to her/him.

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