New York  |  Real Estate Law

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10/28/09, 12:49 pm

Legal Question

I am selling an apartment in NYC, I am in contract with a qualified buyer, 2 weeks before the closing date he lost his job and wants to terminate our contract. Does he forfeit the deposit because he is backing out so late after receiving his loan committment, legally do I have a right to keep the deposit or do I have to give it back to the buyer?


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