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
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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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8/31/13, 7:32 am

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