Legal Question in Real Estate Law in New York

Seller threatning to take my deposit

I put a 5k deposit on condo back in Nov. Realtor i'm using works for me and seller, assured me that I'd be in by christmas and to hurry and get financing. I got the financing, but still waiting for the closing. Kept giving me excuses because it was new construction, yet they had never filed certain paperwork that real estate agent had said they did. Total miscommunication from the start.

Due to their incompetence, I had to get my rate extended 4 times totaling $2000 in fees, ultimately losing the rate I had which was half a point lower. As well as that, the tax abatement they told me they had, STILL hasn't cleared, so I have to front another $4,000 to the title company until July when that kicks in. They also tell me just last friday that I have to cover all the transfer taxes for NY state and city, totaling about $3,000. All in all, it's about $9,000 that I have to pay at closing. I'm a first time buyer and my lawyer is not really helping me, nor is he aggressive with the seller. I cannot afford to hire another one at this point. And the cherry on top is that the seller is saying that if I don't close by this friday, i'm in violation of my contract 'to close w/in 30 days of commitment'' and lose my deposit. HELP.


Asked on 3/27/07, 11:29 am

1 Answer from Attorneys
Laura Foord Laura Akscin Foord LLC

Re: Seller threatning to take my deposit

Despite your predicament, both time-wise, and money-wise, I would advise you to seek a consultation with another attorney, a real-estate specialist in your locality, right away. Take your contract with you, because it is the contract which determines which fees you are required to pay, and also what the terms of closing are. If you did not agree contractually to pay the real estate transfer fees, they are payable by the seller in a normal transaction. In addition, there may be an issue of broker misrepresentation.

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Answered on 3/27/07, 1:24 pm


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