Legal Question in Real Estate Law in New York
Can a buyer who defaults on a contract (does not sow up for closing) sue for the deposit money? If so would it just tie up the money or would it tie up the house from being resold?
Asked on 8/12/11, 3:46 pm
1 Answer from Attorneys
Michael Haber
Law Offices of Michael S. Haber
The contract of sale typically recites what happens if either party defaults on the contract. Look to the contract. Ordinarily, it would not prevent sale, but would likely tie up the money, which would likely be held in escrow pending the determination of the parties' rights.
Good luck to you.
Answered on 8/12/11, 4:10 pm
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