A seller can be sued in court and made to sell. A buyer can be sued for damages if they don't buy. Usually, you can always try to negotiate a termination. If you are a seller, you can offer to pay the buyer for any expenses they have incurred for inspections, loan applications, etc. If you are the buyer, you will probably lose your earnest money, but I think the seller can also sue for other damages. You need to consult an attorney to be sure what your liability is in your situation. I hope this information will help you. In my opinion you can take help of reliable estate agent to find properties, as they are expertise in their field and provide you more detailed information about the terms and condition related to property concern, you can read rules and regulation on :
Are you the buyer? If you have an executed agreement, it is a legal, binding contract.
There are usually contingencies and timnelines that must be met. If a party to the agreement doesn't fulfill those obligations in a timely manner, as stated in the agreement, then Seller may terminate.
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As others have mentioned, you haven't given us much to work with here. You made a statement about something that someone wants to do in a real estate transaction. Sellers and Buyers terminate contracts every day for a variety of reasons in a variety of ways. The devil is in the details. Please provide more information if you want someone to give you a reliable answer about a specific situation.
Joe Stone - REALTORÂ®
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If you are in a Contract in N Y Location ...... there is Usually Real Estate Attnys involved, So...... you too should seek lega ladvice from a REAL ESTATE ATTNY. State Law? Dunno?
Or you could come to a meeting of the Minds with Agent + Client and work something out?
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Are you the buyer or the seller? It is generally harder for a seller to get out of a contract than a buyer. A seller can be sued in court and made to sell. A buyer can be sued for damages if they don't buy. BUT you can always try to negotiate a termination. If you are a seller, you can offer to pay the buyer for any expenses they have incurred for inspections, loan applications, etc. If you are the buyer, you will probably lose your earnest money, but I think the seller can also sue for other damages. You need to consult an attorney to be sure what your liability is in your situation. And if you do negotiate a termination, I would consult an attorney to make sure that you won't have further liability.
if a seller is within the cancellation time frame or contingency period allowed by the contract, then they can termnitate.....if not........then seek a legal opinion