Legal Question in Real Estate Law in New York
We are trying to purchase an ajoining farm from two sisters that inherited the farm when their mother passed away. We have given them a $10,000 deposit in March of 2011. They have offered to finance the farm for 20 years at 4% interest. Now we cannot get them to agree on terms for a contract. What are our options. They did not escrow the deposit, they have spent it. We still want the farm.
Asked on 9/22/11, 8:18 pm
1 Answer from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
If there is nothing in writing you will have a problem. Pursuant to the Statute of Frauds, a writing is needed for the sale of land.
Nevertheless, you would still have a cause of action for the return of the deposit.
Mike.
Answered on 9/23/11, 6:13 am
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