Legal Question in Real Estate Law in New York

IF WE ARE IN A RESIDENTIAL CONTRACT AND WE SIGNED IT ON OCTOBER 22,2009, AND IT STATES THAT WE ARE DUE TO CLOSE ON OR ABOUT DEC 1,2009, DOES THE SELLER HAVE THE RIGHT TO KEEP OUR DOWNPAYMENT IF WE HAVE ALREADY SUBMITTED IT TO AN ESCROW ACCOUNT?Type your question here...


Asked on 11/05/09, 7:13 pm

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

No. The seller may only keep the downpayment if you default under the terms of the contract. An on or about date is just that, on or about. It is customary that the date has a 30 day window. This means you should be closing sometime between December and January.

Mike.

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Answered on 11/11/09, 8:12 am


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