Residential Contract of Sale - What is the Legal Action to Cancel or Terminate It

[Negativeion]

My question involves real estate located in the State of: NY and NYC

Hi all, i hope you can help me so that's why i'm here.
Here is my question. My parents have signed a Residential Contract of Sale to sell their house and the closing date is November 1st. They signed the contract September 16th and since then they have changed their mind that this is not the right time to do this and that basically were not informed about all the rules when signing the contract.
They do not speak English very good and from what my father told me when he asked for the closing date to be extended until they are able to find a new house to buy, the lawyer pretend to not understand him and just didn't explain to them anything in the contract and just let them sign it.
Anyway, now, they would like to void the contract and cancel it so they don't have to sell the house. They want to keep it. What can they do to make this contract void? They have not received any money and the closing is set for November 1st. Please let me know as soon as possible, my father has become very depressed over this.

[SChinFChin]

My question involves real estate located in the State of: NY and NYC

Hi all, i hope you can help me so that's why i'm here.
Here is my question. My parents have signed a Residential Contract of Sale to sell their house and the closing date is November 1st. They signed the contract September 16th and since then they have changed their mind that this is not the right time to do this and that basically were not informed about all the rules when signing the contract.
They do not speak English very good and from what my father told me when he asked for the closing date to be extended until they are able to find a new house to buy, the lawyer pretend to not understand him and just didn't explain to them anything in the contract and just let them sign it.
Anyway, now, they would like to void the contract and cancel it so they don't have to sell the house. They want to keep it. What can they do to make this contract void? They have not received any money and the closing is set for November 1st. Please let me know as soon as possible, my father has become very depressed over this.

If you are the seller, you simply say that it is not possible to close and leave it at that. Usually there are no provisison made for cases where the seller can indefintely extend if he can't find a place to move to.

In fact, I was a buyer of a house, and the seller was saying he can't move, not becaise he couldn't find a house to move to, he found one, in Texas where he's relocating, and that seller had a problem. they were moving to Arizona, found a house there, and that seller kept postponing because they can't make up their minds on a house to move to.

Meanwhile, my mortgage commitment is expiring, had to get it renewed, my sellers mortgage commitment expired, had to get his renewed, and seller in Texas had the same problem. So I asked what was going on with the seller in Arizonx that caused all of this. I was told that he said everyone can "go fly a kite".

As to what a buyer can do?? As there are normally no provisons in the P&S contracts compensating buyers for damages, buyers would come and sue for actual damages, and that can run into some money. My sister's mother in law sold her home because she had Alzheimers and had to move to a nursing home. The contract was signed, but unfortuanately her 50 something year old son, unemployed most of his life, refused to move, as he'll be homeless, so they have to instititute eviction. The sale was cancelled.

What happned to the buyer?? They already sold their home, but instead of holding up their buyers, they moved to a hotel. They spent money on mortgage applications, inspections, and so on, and sued for thousand of dollars.

I've lived through these situations, and usually a sale of a house involve a whole chain of people moving, and there is always someone in the chain that signs a contract to sell, and then takes their time to find the next perfect house, and too bad for everyone else, and the contract is cancelled if you don't like it.

Fortunately, the house I live in right now I bought as a bank foreclosure, but with the experience with the home before that, I'm really leery about buying a home where the owner still lives there because I might be stuck living in motels because the seller would sign a contract, then take their sweet time looking for a new home, and keep asking for extensions.

As to your parents, the honorable thing to do is ask for a 30 or 60 day extension, and then be prepared to live in motels after. With this, I don't think a buyer can legally ask for damages, and lawyers tell me closing 30 to 60 days beyond the deadline is not unusual. And if the buyer has to move out of their current home, be sympathetic and see if they can help.