Legal Question in Real Estate Law in New York
returning earnest money deposit
i found a buyer for my house 18 months ago. circumstances are such that i don't have clear title yet. we returned the buyers deposit at his request. when the title is cleared, without a deposit for purchase, do we still have a contract? will i have to sell at that time?
2 Answers from Attorneys
Re: returning earnest money deposit
Look to the contract you had; it should address this. If not, then you might be free to look for other buyers.
Re: returning earnest money deposit
Usually,the contract terms stipulate that if you cannot clear title within a reasonable amount of time (3 months or so), either party may cancel the contract and the seller must refund the buyer's down payment. At thattime, the seller may entertain other offers.
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