Maryc, Home Seller in Tonawanda, NY

How long is a signed sales contract valid in Town of Tonawanda New York?

Asked by Maryc, Tonawanda, NY Thu Sep 9, 2010

As a seller I cancelled a contract because of lack of trust of buyer. How long does this contract last, when does it expire?

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Answers

6
As a Licensed Realtor in New York State (Buffalo / Amherst area actually), I would pretty much agree with Mack (as I usually do - pretty smart West Coast broker, he is!). Look at the contract - are there any contingencies that have not been met and have since expired (mortgage commitment, inspection clause). If you signed a contract and gave the buyer the right and the time to do something (get financing, home inspection) then you must allow that time to pass.

If this is in the beginning of the process, you can have your attorney cancel the deal.

I'm sure you are using an attorney, as we are an attorney state. Consult them and ask the question. They will know the answer based on your situation.
1 vote Thank Flag Link Tue Sep 14, 2010
Thanks, Ryan; I am a native New Yorker (NYC)!
0 votes Thank Flag Link Tue Sep 14, 2010
Contracts have an expiration date written in. They expire on the expiration date. They last until the conditions have been met, or the parties agree to terminate. You can only cancel the contract as agreed upon within the contract.
0 votes Thank Flag Link Sun Sep 12, 2010
Did you use a Realtor and/or an attorney? Issues regarding the validity of a contract are legal issues, and need to be handled by an attorney.
0 votes Thank Flag Link Sun Sep 12, 2010
What is your agent suggesting--Without seeing the terms of the contract, impossible to answer--consider asking your attorney the question--if you don't have an attorney, consider a consultation with one that specializes in real estate and have all related documentation reviewed.
0 votes Thank Flag Link Fri Sep 10, 2010
You will need to have releases signed by both the seller & purchaser. If there was escrow money the releases will return deposit. Also your attorney should send out a letter to all parties stating the same. Was there a "TIME OF THE ESSENCE " issued by your attorney to bring the party to the closing table?
0 votes Thank Flag Link Fri Sep 10, 2010
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