Home Buying in Brooklyn>Question Details

Donna, Home Buyer in Brooklyn, NY

How common is it for a seller to withdraw a contract of sale after buyer has already hired an engineer and?

Asked by Donna, Brooklyn, NY Fri May 1, 2009

submitted comments to seller's contract?

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Dear Donna:

It is not very common, but often happens if the purchaser's attorney requests too many or too major changes to the contract of sale (which is usually authored by the seller's attorney). Anytime the buyers attorney requests changes to the contract it does give the seller the right to cancel the whole deal and owe the buyer nothing. It is for this reason that the buyer's attorney should not request changes unless they are absolutely neccessary.

In addition, with respect to the engineer inspection, if after said inspection the purchaser requests repairs and/or financial consideration based on the inspectors findings, the seller would have the right to refuse and/or cancel the whole deal. Again, a buyer should not request repairs or compensation after the inspection unless they are willing to lose the deal if they do not get them.

I hope this answers your question. If i can be of further assistance, please let me know.

Sincerely,
Mitchell Feldman
Associate Broker
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Email: MitchellSFeldman@aol.com
1 vote Thank Flag Link Fri May 1, 2009
Since I have been in the business for the last few years, it is very rare for the seller to withdraw once they are in contract. The seller may be held liable for some of the expenses of the buyer such as the engineer fee, appraisal fees, termite inspection fee, etc. So lawyers always advise their sellers to make sure they want to sell before they sign and all the consequences involved.
Web Reference: https://www.KandHhomes.com
0 votes Thank Flag Link Fri May 1, 2009
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