Legal Question in Real Estate Law in New York

Selling a home

I'm in the prcess of selling my home and i have a contract with one buyer which has until july 8th to get his committment letter from the bank and I'm thinking of switching to another buyer, my question is what will happen if i decided to go with the second buyer before the specified date to have the committment letter from the bank?


Asked on 6/28/05, 9:36 am

2 Answers from Attorneys
Bunji Fromartz Fromartz Law Offices

It is possible to cancel the contract.

You have to have completed all you need to do as seller to sell the house, i.e. cleared title. You can then send a time of the essence letter demanding a closing for a date after the commitment date. If the buyer is unable to purchase the house at that time you may be able to cancel the contract of sale. If it is done any other way you may be liable for a breach and can suffer additional monetary penalties.

There are further items that have to be reviewed and without a full review of the documents to date this is an incomplete opinion and should not be relied upon without further legal consultation with a competant attorney.

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Answered on 6/30/05, 1:37 pm
Phroska L. McAlister PHROSKA LEAKE McALISTER

Re: Selling a home

You could be sued for breach of contract, specific performance and incurr penalty damages.

Good luck,

Phroska L. McAlister,ESQ

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Answered on 6/29/05, 4:54 pm


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