Legal Question in Real Estate Law in New York
I wanted to purchase a condo but the seller failed to clear the title before the closing date. He failed because the condo/estate testament was contested. His lawyer is claiming that he can not get in touch with him to cancel the contract and return the deposit which is in his lawyers escrow account. What should we do?
2 Answers from Attorneys
Ask your lawyer to terminate the contract in writing. You may have to start legal action against the seller and his lawyer. If this continues, you can also file a complaint with the Bar Assoc.
Your contract should have a provision whereby you notify the escrowee to disgorge the escrow by reason of the default. The other side has ten days to object. If the seller's attorney objects without direction from the seller,you sue him, too, and notify the bar association. Figure on six months if you're lucky.
If your contract does not contain such a clause, you will need to sue. Consider suing your attorney for malpractice for not insisting on the standard escrow-out clause.
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