If you are buying or selling a home, you know one thing to be true: A contract will be signed by both parties at some point. It is this contract that outlines what is expected of both sides as the process moves forward.
As a buyer, the last thing you want is to find that a seller is trying to get out of the contract. You have your sights set on the home, but for some reason the other party is trying to stop the sale from moving forward.
First things first, you need to find out why the seller wants to cancel the home sale contract. They may be able to, based on the language of the contract, but this is not guaranteed. If the seller does not have a good reason, one that is backed by the contract, you may be able to hold their feet to the fire.
If you are willing to walk away, you may be able to negotiate a buy out with the seller. This will help you deal with costs such as temporary housing, storage, inspection expenses, and other types of deposits.
There are times when a seller can legally walk away from a home sale contract. There are also times when they do not have any legal ground to stand on.
Fortunately, the contract that is in place will help everybody involved better understand what can and cannot be done.
If you have agreed to buy a home in New York but the seller is trying to back out, let the contract be your guide.
Source: Bankrate, "Can seller back out of home sale contract?," accessed Jan. 20, 2016