Legal Question in Real Estate Law in New York

I was turned down by the bank for a mortgage for a condo because I suddenly lost my job. I cannot find any stipulation in the contract about the seller returning my down payment. Can I get my down payment back?


Asked on 12/08/10, 11:47 am

1 Answer from Attorneys
Kevin Connolly Kevin J. Connolly

If your contact did not have a "mortgage contingency" clause, then your inability to finance the purchase means you forfeit the downpayment UNLESS YOU HAVE OTHER GROUNDS FOR CANCELLING. On the assumption that it's a substantial deposit, you should consult counsel.

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Answered on 12/29/10, 7:45 pm


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