A common question people ask when they sign a purchase contract for a new home is if they can get out of the contract if circumstances change. And the short answer to this is: maybe! It ultimately depends on the language in the document/contract as well as the state regulation. Both of these aspects will guide the buyer and seller on whether or not a home purchase contract can be nullified and if any penalties will incur.
A common example is when buyers do not want to go through with the purchase. The penalty is likely losing their earnest money. This is down to the fact that the seller can sue the potential buyer for a breach of contract. So, when it comes to the writing of the purchase contract, it should do its best to define the terms of the purchase. As well as allow both the buyer and seller the ability to nullify under certain circumstances. This way there is no breach of contract, it is simply null and void.
For this reason, the language of the purchasing contract needs to be clear and concise, so as to avoid any complications and legal battles. As a real estate lawyer on Long Island, New York, we can help with this process and ensure the language of the purchase contract is correct and clear to your goals. A well-written purchase contract should make that what is most important to you is covered whether of not the sale goes through. So it is equally important for both the buyer and the seller. Get professional legal advice for all real estate matters when you turn to the Long Island law office of Falk & Klebanoff!
A Higher Offer Comes In
Sellers can face a lawsuit if they back out of a contract because a higher purchase offer came in. However, this lawsuit can be avoided if there is a clause that allows for this action. So as long as the purchase contract is written with the right language, the purchase can be nullified.
Sellers Can't Find Another Home
Another common reason a sale may not go through is down to the fact that the sellers cannot find or buy another home in time. So, if the sellers of the home cannot come to an agreement for a new home, then they can write in the purchase contract language that specifies that issue.
Buyers Unable To Sell Home
Similar to the sellers being unable to buy a new home, another reason home sales may not go through comes down to the fact that the buyers are unable to sell their own home in time. Once again, the language in the purchasing contract can specify this as a reason to nullify the new sale.
When it comes to real estate law, it is important to turn to someone you can trust. These are big decisions. There might not be a bigger decision in your life than the purchase of a new home. At Falk & Klebanoff, we are proud to work with prospective home buyers and sellers across Long Island, New York and helping them navigate the market. From reviewing and editing purchasing contracts, to mortgage closings and sales and more, our law office can be an effective partner to close the deal.
So please, do not hesitate to reach out today to learn more about our legal services. Learn more about why we are the real estate lawyer for you! You can also call our office by dialing 516-564-4200. When you call, we can provide you with a free, no obligation consultation. Get the best Long Island real estate lawyers on your side when you turn to Falk & Klebanoff!