Q: Hello, I have a question regarding a purchase contract for a residential property
is a contract dead after the expiration date if the buyer backs out at last minute and neither party evoked time of essence. This contract is in NYS. There were no contingencies on the contract that were not met by either party.
A: If the contract was fully executed and the typical down payment was tendered to Seller's attorney, then there is no "backing out" unless the parties agree to nullify the contract. Purchaser may eventually run the risk of losing his/her down payment if the transaction didn't go through due to the Purchaser's simple attempt to "back out."
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