Legal Question in Real Estate Law in New York
selling a property in Long Island, NY. The buyer cannot get a title insurance because of some issues on the property that needs to be resolved. Can a contract be dissolved by a seller if the buyer refuse to settle the issue on not being able to get a title insurance on the property?
4 Answers from Attorneys
what does the contract say?
This depends on many factors, to include the nature of the defect and the terms of the contract. If the you did not reserve an "out," the buyer may be able to compel you to deliver a deed while placing the entire purchase price in escrow while he cures the defect. You should speak to the attorney who wrote the contract.
You did have an attorney do that,right?
It depends on the terms of the contract.
I agree with the other authors that your question cannot be properly answered without reading the contract and seeing any provisions on termination.
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