Legal Question in Real Estate Law in New York
Downpayment
Is there any regulations/laws in regards to the downpayment security deposits on co-ops/condominiums? If the apprisal disapproved the price value of the property asked by seller, should the buyer receive its downpayment security deposit? If yes, how fast he/she can get his/her money back?
1 Answer from Attorneys
Re: Downpayment
The conditions are set forth in the Contract of Sale. If there was a mortgage contingency clause and the lender will not issue a mortgage in the amount set forth in the Contract of Sale, you should be able to back out of the deal and get your money back.
If there is no mortgage contingency clause, or the amount the bank will give a commitment for is equal to the amount set forth in the Contract, you could lose your payment.
Without reading the Contract of Sale, all I can do is speculate.
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