Legal Question in Real Estate Law in New York

I had a contract to sell my co-op apartment signed by prospective buyer who decided to back out of the deal despite the fact of having put a down payment. He wrote an email he won't be able to proceed with the purchase. He never applied with the board for the membership nor stood in touch with either me or my lawyer which kept ,my apt off the market for a very long time. What is the procedure in getting his deposit money? Our real estate lawyer sent him the notices of default with a deadline for answer, one that was never received. Not he is sending him a Notice of Objection . is this the way to go or is our lawyer seeking an extra income by taking the case to court?


Asked on 8/08/09, 10:43 pm

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

I have not read the Contract so I do not know what provisions, if any, it contains about defaults. Most Contracts set time limits for certain actions to be undertaken (e,g,, getting a mortgage, going before a board, etc.), and if these deadlines pass without action, parties have the right to terminate the Contract. If he continually requested extensions and failed to undertake his obligations, you may have a damage claim against him. Maybe you should have a second opinion from another qualified real estate attorney, after he reviews the Contact and the facts.

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Answered on 8/14/09, 12:42 am


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