Legal Question in Real Estate Law in New York

Signed Contract and Payed down payment on a house

I'm in the process of buying a home. I signed a contract and put money down on the house. I appraisal hasn't come back yet and it's raising red flags. If I decide I don't want to purchase this home, what are my options. My attorney doesn't seem to be keeping me informed about the situation. Will I loose my deposit? What would my obligations be?


Asked on 6/25/04, 5:25 pm

3 Answers from Attorneys
richard feldman richard d. feldman

Re: Signed Contract and Payed down payment on a house

while there are ways to break the contract it must be done properly. you are at risk of losing your deposit. E mail me at [email protected] with details and we can discuss further

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Answered on 6/25/04, 6:00 pm
David Slater David P. Slater, Esq.

Re: Signed Contract and Payed down payment on a house

Your contract should specify what happens.

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Answered on 6/25/04, 6:31 pm
Walter LeVine Walter D. LeVine, Esq.

Re: Signed Contract and Payed down payment on a house

What are the terms of your mortgage contingency in your contract. If you have a properly drawn contingency clause and the mortgage is denied because of the appraisal, you should be able to get of the deal. Be careful of dates, as many contingency clauses have time limits within which notice must be given. I would need to see the entire contract to provide a better answer.

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Answered on 6/25/04, 10:35 pm


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