Contracts
Under New York law, a seller who breaches a real estate purchase contract by refusing to convey title may be subject to which of the following buyer remedies?
AOnly return of the deposit; no further damages available
BReturn of the deposit, specific performance (court order to sell), and compensatory damages✓ Correct
COnly specific performance; money damages are not available
DCriminal prosecution for breach of contract
Explanation
A New York buyer whose contract is breached by the seller may seek: (1) return of the earnest money deposit; (2) specific performance (a court order compelling the seller to convey); and/or (3) money damages (including out-of-pocket costs and, in some cases, lost profits). The buyer chooses the appropriate remedy based on the circumstances.
Related New York Contracts Questions
- The doctrine of 'merger' in real estate contracts provides that:
- Which of the following is NOT a required element for a valid real estate contract in New York?
- In New York, a 'counteroffer' in a real estate transaction legally:
- In New York, a 'holdover clause' in a residential lease typically converts the tenancy to:
- Under New York law, a broker's right to a commission is generally established when:
- In New York, a 'letter of intent' (LOI) in a commercial real estate transaction is typically:
- In New York, which of the following is NOT a required element for a valid real estate contract?
- In New York, a 'letter of intent' (LOI) in a commercial real estate transaction:
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →