Home Buying in Albany>Question Details

Donna, Home Seller in Albany, NY

Can you withdraw from a real estate contract during the attorney review process without a reason stated?

Asked by Donna, Albany, NY Mon Jul 23, 2012

I am the seller and received an extension on the attorney review period. I want to cancel the sale. Will there be repercussions? Do I have to state a reason? Will I be liable to the real estate agent?

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Paula Kamperman’s answer
In the Upstate NY region, you have the right to cancel the contract during the attorney review period by having your attorney notify all parties in writing. You do not have to give a reason and can request the return of the initial deposit presented with the contract, unless some agreement was made contrary to the standard contract. You may or may not be liable to the real estate agent depending on what compensation agreement you made with the buyer's agent. Most agents in the Albany area are paid only when the sale is completed, but check the wording of the exclusive buyer's agency agreement you signed carefully to be sure before taking any actions.
0 votes Thank Flag Link Sun Jul 29, 2012
This question should really be directed to your attorney, therefore consider a consultation...
0 votes Thank Flag Link Mon Jul 23, 2012
As long as the contracts and binder was not signed you then can back out, your reason can be you don't want to move and changed your mind. I hope my answer was helpful, wish you the Best!!! Jeannette Batsikas
0 votes Thank Flag Link Mon Jul 23, 2012
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