Q: What should I do if the buyer of my house broke our contract in New York?
If you are the seller of real estate in New York and the buyer breaches your contract, the courts may be on your side. Unless the buyer can prove that you actively deceived him or concealed facts, New York abides by the doctrine of “caveat emptor.” This translates to “buyer beware,” meaning the buyer must do his own investigations prior to entering into a contract to purchase real estate. If he later discovers that something is broken, missing, or can’t be modified in a way that he wanted, he cannot turn around and try to cancel the contract.
What should you do if the buyer of your home notifies you of his intent to terminate the contract? The following are five steps to take as you prepare to address the breach of contract in New York:
- Contact a knowledgeable New York breach of contract attorney for guidance.
- Gather a copy of the signed purchase contract, along with any additional riders.
- Assemble copies of communications between the buyer, seller, brokers, banks, and attorneys.
- Obtain a copy of the inspection report.
- Analyze all disclosures that were made prior to the sale.
Unless the buyer could not have discovered the issues with the property on his own or by using reasonable intelligence, the courts will likely not allow him to back out of the agreement, absent additional facts. To learn more about a breach of contract claim relating to real estate, contact a New York business litigation attorney today. Call our office at (888) 497-3410 for a consultation.