Signed offer cancelled by seller

6 Replies | Upstate New York, New York

Hello everyone, 
We just signed an offer upon inspection. The seller accepted another offer last night which was a little higher than ours without inspection. The offer was signed by both parties and lawyers. I was wondering how the rules are in NYS and if the seller can cancel a signed offer. Can I do something about it at this point? Thanks 

If I understand correctly, the seller accepted your offer in writing.  If so, barring specific terms in the contract itself, it appears this qualifies as a breach of contract.  Problem is that your only remedy here is likely a suit for specific performance (costly and probably not likely to succeed) unless the contract contained a liquidated damages provision.  Review the wording of the contract closely.  

Originally posted by @Wayne Brooks :

@Zhila Hoo I believe NY has a mandated “attorney review” period and either party can cancel during this period for any/no reason whatsoever. Has this period passed?

 Most contracts do have it as a contingency.  Unfortunately I'm sure the attorney will find a reasonable cause for cancellation.

Case in point:. We had a client who backed out of purchasing a home the day of closing.  The only reason being that the property taxes were higher than she estimated.