Legal Question in Real Estate Law in New York
I have a sales contract on some land in upstate New York. There has suddenly been
a whole lot of natural gas leasing going on andam gas lease on the land is know worth more then what we agreed to as a selling price. The seller now is trying to back out of the contract and won't close on the property. If I don't sue for enforcement of the contract it's likely that I will not beable to find another property at this price, and I will also looose out on the potential long term gas royalty payments.
My question is can I sue for loss of potential income or something to that effect?
2 Answers from Attorneys
If your contract is properly written, you should be able to sue for specific performance or in lieu of that for damages.
Loss of income is a potential item of damages which could be the subject of the suit.
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