Real Property
Purchase Contract
New York
Can a seller back out of a purchase contract after accepting an offer?
I recently made an offer on a property and the seller accepted it, and we signed a purchase contract outlining the terms and conditions of the sale. However, a few days later, the seller informed me that they have received a higher offer from another buyer and now want to back out of our agreement. I am wondering if the seller has the legal right to do so, and if not, what options do I have to enforce the purchase contract and proceed with the sale?
Answers from 1 Lawyer
Answer
Real Property
New York
Arthur S.
ContractsCounsel verified
July 12, 2024
A contract "purchaser" has definite rights under its contract to purchase the property. The contract is binding on both parties. Every contract is different...and some do contain provisions entitling either part to terminate the contract on the occurrence of certain events or prior to the expiration of certain time period,,,,but it would be unusual for a contract to entitle a Seller to terminate in the absence of Purchaser's breach or the occurrence of a specified event. Assuming your contract (i) does not entitle your seller to simply walk away from his obligations under the contract simply because he no longer wants to sell to you (in this case, because he received a higher offer), and (ii) does not prohibit the commencement by you of a "specific enforcement" action to force your Seller to transfer title to you in compliance with the contract enforce, then, and in such event, you are entitled to commence an immediate action to specifically enforce your rights under the contract. Further, concurrently with the commencement of such action, you are also entitled to immediately file a "lis pendens" against the property pending the outcome of your action. A lis pendens is a notice to the world (filed against the property) that you have commenced an action to enforce your contract....and anyone acquiring title to the property after the filing of the lis pendens does so subject to your superior right to title acquire title. The filing of a lis pendens is a very powerful tool and effectively tells all other prospective buyers of the property that they would be doing so at their own risk.
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