Legal Question in Real Estate Law in New York
Buying our first new home
My husband and I went to a company
to help with buying first home They set
us up with everything from home
searching to lawyer even the bank that
was going ot give us the loan We put
$5000 for the contract for the house
That money went to the sellers escrow
account when we signed the contracts
with the house seller to give us 45 days
to set up the financials of the house 45
days went and came and the company
that was providing the laywer and bank
were delaying getting back to us with
the numbers of the house My husband
made it clear that if the mortgage was
more than $3000 a month we could not
afford it Needless to say the mortgage
came out to $3300 and they gave us
that number the same day they called
us to go to the closing We got very
angry and said that we were no longer
intrested in buying the house but the
company helping us is upset with us
they threw a fit and said if we dont
close the seller of the house wont
return our $5000 that we put for the
contract and if we ask the seller of the
house for the money back she can sue
us Everything is messed up and we are
desperate Is it normal to get the
numbers of a house the same day they
call the buyers to close?
2 Answers from Attorneys
Re: Buying our first new home
Your case really depends on the language used in the sales contract. If the language stated that you would forfeit your deposit if you cancelled after 45 days, then you're not in a good bargaining position. If you wish to bring the contract in to my office and have me review it with you, we could accomplish that in a 45 minute consultation. You may contact me via email.
Re: Buying our first new home
The company that was supposed to have been helping you may not have been dealing honestly. You should have received good faith disclosures of financing costs in advance of the closing. Also, there may have been conflicts of interest which you did not know about or understand. The seller may well be entitled to keep your deposit, as Mr. Stern writes, depending on the contract language. However, I would want to review all of the documents you received from the beginning of the process to determine if there is any liability on the part of the lender, broker etc. Please call my office to discuss this further.
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Nys real estate law non conforming use law Asked 1/05/07, 12:35 pm in United States New York Real Estate and Real Property
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