Legal Question in Real Estate Law in New York

real estate

ny state / realty collected ernest money to make offer on a property. Offer was accepted, contract drawn up, before closing buyer backed out of contract because seller refused to do what was promised. Seller's lawyer refused to release ernest money, buyer's lawyer could only negotiate a split of ernest money with him. Buyer would not split ernest money with seller because seller was non-complient. Seller's lawyer threatened to sue, buyer's lawyer was fired. Real estate company has had the deposit money for 1.5 yrs. No suit filed by seller. What are buyer's rights and must it go through lawyers? Real estate co. says their hands are tied.


Asked on 12/30/08, 3:17 pm

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: real estate

The buyer must commence an action for declaratory judgment. This is an action before the Supreme Court whereby the court determines whether the deposit was forfeited or should be returned to the purchaser.

Mike.

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Answered on 12/30/08, 4:03 pm


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