can seller back out of deal after buyer signs contract?

Asked by Karyne W., Miller Place, NY Mon Sep 3, 2012

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8
Eraldo Karcic, Agent, Mount Sinai, NY
Sun Jul 14, 2013
I am not a attorney and recommend you contact one but general rule of thumb if it is a iron clad contract fully executed without any out clauses the seller can be sued to sell the house by specific performance and more so is obligated to pay the realtors their commission even if the buyer allows for dissolution of the contract
0 votes
Gina Lollo, Agent, Setauket, NY
Tue Sep 4, 2012
You should absolutely be contacting your attorney on this matter. They will be able to give you the specifics on the legality of sellers backing out. Good luck...
0 votes
Annette Levi…, , New York, NY
Mon Sep 3, 2012
Your lawyer will tell you your rights. A lot depend upon if it is a fully executed contract and the timeline. This is why in NY you need a lawyer.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Sep 3, 2012
Your attorney can better advise, consider a consultation; much depends on your contract.
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De Vonte Wil…, Agent, East Point, GA
Mon Sep 3, 2012
Hey Lorianne. You need to get in contact with your attorney. He or She could advise you on whether or not the sellers can back out of the sale and if they can't, your attorney could advise you on the recourse/actions that could be taken. All situations are different, and that is why I advise you to contact your Attorney and Realtor.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
Direct:(631)638-6193
Mobile: (631)384-3695
cbmoves.com/DeVonte.Williamson
"I Stand Behind Getting You Results!"
0 votes
William Zeze…, Agent, Setauket, NY
Mon Sep 3, 2012
You need to check the details of the contract. If the buyer is following their obligations,as a general rule of thumb no. I would contact your attorney-and if you have a broker contact them as well,they will let you know your rights and how to proceed. Any questions send me an email or give me a call @ 631-875-2668. Best of luck!
William Zezelic
Top 1% N. America
0 votes
William Zeze…, Agent, Setauket, NY
Mon Sep 3, 2012
You need to check the how the contract reads,if the buyer is not performing their obligations possibly..as a general rule of thumb though no. With that said contact your attorney and find out your rights. Feel free to send me an email or call me @ 631-875-2668 and best of luck!
William Zezelic
Top 1% N. America
0 votes
R Wright, Other Pro, NY,
Mon Sep 3, 2012
If you have an executed contract and have practiced due diligence to secure a mortgage the seller cannot back out the contract at will. If the seller refuses to move forward your attorney will be able to record the sales contract, as well as place a lien on the property. If they attempt to sell the property in the future the lien will show up on title.

You should discuss this process with your attorney. If you need additional assistance please contact me directly at 914299-0420.
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