Imagine that you are in the midst of buying a house, have contracted for the purchase of your dream home, and suddenly you receive the news that you have a serious illness which will directly affect your quality of life and income.
One of the first questions that should come to mind in this situation – even if you still qualify for a mortgage and are granted sick leave – is to ask yourself, is this home purchase the right economic move given your health, and potential income, situation?
The second question – what are my obligations under the contract if I cannot complete the purchase?
At Bashian P.C., we know that life can be unpredictable, and that even the best laid plans can become upended by situations outside of your control.
At times like these, expert legal counsel is necessary to avoid even greater financial harm, expertise Bashian P.C. is proud to offer to our clients.
If you have questions regarding your obligations under a residential real estate contract if your circumstances have significantly and unexpectedly changed, we may be able to help.
You decide that even as much as you love the home, it isn’t the right time to move.
With a signed purchase contract already executed, can you back out of your commitment?
If you are buying in one of New York’s most popular areas, the property could have backup offers, meaning other buyers are waiting to snap up the property if your sale doesn’t go through. If that’s the case, the seller might be gracious enough to allow you to walk away with little or no financial loss.
But the seller is not required to do so. When you sign a contract to buy a house, that is a legal document that requires both parties to follow through on the transaction. You must buy the home, and the seller must sell it to you.
If the seller decides to back out of the transaction, you can take legal action to push for the sale or for damages that you could have sustained.
If you back out and don’t complete the purchase, the seller can sue you for damages.
This is a basic look at a complex legal issue, but one thing is certain. If you find yourself in this real estate predicament, you should consult an attorney who can explain the options you have when it comes to your real estate contract.