Legal Question in Real Estate Law in New York
Can I lose my down Payment
I recently went into contract on a house, I made a downpayment however I was unable to get a mortgage commitment because I did not have a certain amount of money in the bank now that I am unable to go through with the deal will I lose my down payment and if yes is there anything I can Do to prevent the loss.
2 Answers from Attorneys
Re: Can I lose my down Payment
It depends on the terms of your contract, most residential contracts have a provision that allows you to recieve your money back if you fail to obtain funding. Do you have a lawyer represebting you in the transaction. This area of law is our specialty, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.
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Re: Can I lose my down Payment
The answer depends on the terms of the contract that you agreed to.
If you have a mortgage contingency clause (which you should) you will get your deposit back.
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