When a buyer enters into a contract to purchase real estate in New York, he is responsible for conducting his own investigation relating to the property before moving forward. The buyer cannot later try to back out of his obligations under the agreement if he decides something is not how he hoped it would be, is broken, or missing. This is known as “buyer beware.”
If you entered into a contract to sell your home, and the buyer tried to undo the contract, you may have a breach of contract claim in New York. You could also be entitled to compensation for your losses. A judge will consider all of the following when addressing your claim:
- The contract sales price.
- The fair market value at the time the parties entered into the contract.
- Whether the buyer used reasonable efforts to assess the property and any potential defects.
- Whether the seller concealed any facts about the condition of the property.
- The cost associated with repairing the defects in the property.
- Efforts made by the seller to sell the property.
- Whether it was possible for the buyer to discover the defects in the property using ordinary intelligence.
Breach of contract claims in New York are subject to a statute of limitations. Therefore, you must act quickly. To learn more about what to do when a buyer breaches a contract to purchase real estate, contact a New York business litigation attorney today. Call our office at (888) 497-3410 for a consultation.