purchase and sale agreement

[Kevin Magelsen]

Hello all,

I have a beginners question here. My wife andI are partially releasing 3/4 of an acre of our property to be sold. We originally signed the purchase and sale agreement last year with the buyers on 5/5/16, with the closing date being May 27, 2016 or sooner. Both my wife and I and the buyers have signed the document, but it has not been updated since then. We have not received the money because it has taken over a year to get it surveyed and approved with the city and my lender. I wanted to see if anyone knows if this is binding? We are going to consult a lawyer but I wanted to get some advice here, because I know the land is worth more now than it was a year ago. I want to test the market with the land and see if we can get more out of it. I want to do it legally though so if it is binding then I will have to go through with the sale. Looking for some wisdom on this. Thank you very much. 

Kevin