Legal Question in Real Estate Law in New York
Escrow accounts
On what grounds is it possible for a buyer who is clearly in default of a purchase of private house entitled to ask for his money back that has been deposited in the sellers attorneys bank; and begin negotiations between lawyers. Can he put a lien against my home. I plan to try and sell again. Six months of my time has been wasted with this potential buyer. Ultimately, he asked the bank for more money than he indicated he would borrow and was turned down. What kind of protection is there for the seller if the buyer is in default must this ultimately wind up in court and why?
Can he tie my next sale up by making it difficult to transfer title?
Thank you.
1 Answer from Attorneys
Re: Escrow accounts
I would need to see your contract of sale to definitively answer your question. Do you have an attorney working on your transaction? If the contract is terminated, you can then make a motion in court to recover the down payment.
Feel free to call me if you need further assistance on this matter.
Kind regards,
Peter Moulinos
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