Legal Question in Real Estate Law in New York

I sold my 1 family house and after many prospective buyers were unable to get mortgage finally after 7 months found one who was able to get mortgage. After searching for my new house found prices are much higher than when I first started my search and conditions really bad. Buyer now wants to move in ASAP because his mortgage will expire in a few days, however was able to extend for 45 days. Have not closed yet because I have nowhere to go. Is there anything I can do or will buyer be able to sue me.

Asked on 8/30/13, 9:14 pm

1 Answer from Attorneys

Anna feldman Law office of Anna Feldman

Depending on the terms of your contract, If you do not proceed with the sale, buyer could be able to sue you for specific performance(sale of the house ) and for damages associated with your breach. However, buyer might be willing to release you from the contact for a amount certain. If the deal was brokered , depending on you contract with the broker, broker might be entitled to his fee.

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Answered on 8/31/13, 7:32 am

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