Can seller cancel contract??

Since you didn't bother putting a date and the required "time is of the essence" language in your contract, you can't rewrite it now.

If you can't wait ten days and have a better offer, talk to your lawyer (the one who put the contract together) and see whether there's any way to get out of it. Don't plan on it, though.

no. your lawyer messed up. should not have been on or about closing date.

NWT, thanks for your response. Already asked my attorney and he's clueless. Got a cheap lawyer and I'm finding out you get what what you pay for, again.

Thinking about just retuning deposit and canceling contract. I don't think a court will make me sell my home and I believe going through the lawsuit process will be a lose/lose situation so maybe buyer will just walk...

No, there's a 30 day window for the on or about clause. They are not late nor in breach of the contract terms. Why cancel contract in this environment? Two months to close, even all cash, is not unusual.

If you have a fully executed contract you are bound to it. You cannot cancel without both parties agreeing. Otherwise the buyer can, and probably will, sue you for breach of contract.

"Why cancel contract in this environment?"

Have you been living under a rock, AR? What exactly do you mean by "in this environment"? In case you haven't heard, NYC RE has taken off like hotcakes. Welcome to 2013. It's a seller's market, baby!

Yes, but if you have an all cash buyer, why cancel when your next buyer might need a mortgage?

No I have not been living under a rock. I actually bought a little over a year ago, and had to jump through major hoops to get a private banking loan that was less than one year's income. As Jamie diamond famously told his daughter, a banking crisis is something that happens every five or so years. Who knows?

Oh dear urbangreener, you do need to get a lawyer you have confidence in!

"Jump through major hoops to get a private banking loan that was less than one year's income."
Why not pay cash instead of jumping through major hoops to get a private banking loan that was less than one year's income?
LOL!

LOL! Leverage ... hahah heehee teehee ... leverage is so funny!

@urbangreener

Unless the contract explicitly states the deal must close on or before a specific date, most courts won't look kindly on someone walking out of a fully executed deal because of a 2-3 week delay. Yes, the courts can enforce the contract and force you to sell the property if it comes to that although it would not be fun for everyone involved. Aboutready is right that its not unusual to take 2-3 months from contract to close in nyc, so what's another 20 days?

>Have you been living under a rock, AR?

Williamsburg.

>and had to jump through major hoops to get a private banking loan that was less than one year's income.

What were the problems with your appliation?

>As Jamie diamond famously told his daughter, a banking crisis is something that happens every five or so years.

Really? You are still using that fake crap? What did you tell your daughter?

thought it was industry practice that "on or about" means within 30 days. Precedent cases in all likelihood would doom you in court if you were sued for breach.

I believe AR has posted that she was looking for a 90% LTV mortgage. It's actually a good sign that the banks made her "jump through major hoops"

i really would not advise it...legally there is no precedent but bc there is no language in the contract my lawyer said 30 days is the standard...just advise the buyer by email if he does not close by june 1 then you are refunding and do that now so you are covered legally...if you refund earlier you are putting yourself in a terrible situation where a court may either make you sell it or the more likely situation is the court could hit you with such massive fines youd really regret it in the end...my lawyer is really good and he again said no language=30 days extra

If she had just been willing to put down the 20-30% which the suddenly conservative banks were looking for, and which they were requiring of mere mortals, i.e. not AR, they wouldn't have made her jump through hoops.

Yup, beats me ph41. If the apartment was such a steal and well priced, and if her husband makes so much money, what's the need to go through hoops on a 90%, especially in a building owners have a track record of not paying their mortgage. I suspect it's something psychological.

Thanks everyone for your advice, but my lawyer, after reading contract thoroughly has found an out... Always leave an out in small writing in a sub section of the contract :)

But if your attorney is 'clueless' I wouldn't hold out much hope for the so-called "out". What is this "out" by the way? Inquiring minds want to know.

Also, I'm confused. Why would you waste even MORE time relisting the apartment? If you want to get a deal done fast, and you're 90% of the way there already, why not close? Methinks there's more to this saga than you've let on.

probably found another buyer willing to pay more $$$

You can negotiate a settlement with the buyer ... if they want .

If you get a higher bid , $200,000 , pay the buyer $100,000 to get out of the deal

If the buyer's attorney is a lot sharper than the seller's attorney the seller is in for an interesting ride.