Legal Question in Real Estate Law in New York
time of essence letter went out. the closing date came and went. buyer did not fulfill their obligation. does the seller (me) get to keep the down payment without being sue by the buyer ? are the brokers entitled to their commission even though the home was not sold?
1 Answer from Attorneys
Q. does the seller (me) get to keep the down payment without being sue by the buyer ?
A. The seller has the right to sue. Whether there is a lawsuit is up to the seller. Whether the seller wins depends on specific facts of your case.
Q. are the brokers entitled to their commission even though the home was not sold?
A. It would depend on the language in the broker agreement. Generally, however, a broker is entitled to commission when he or she produces a ready, willing and able purchaser. The actual transfer of the deed is not a condition precedent to earning his or her fee.
Mike.
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