Legal Question in Real Estate Law in New York
If our realtor accepted a deposit and the check wasn't properly written to the realty company - just to their depository bank and the buyer now wants to back out of the contract because he now decided the drive for him was too far away - what recourse do I have with the contract. Is that a breach?
Asked on 7/20/10, 4:57 pm
1 Answer from Attorneys
Arnold Nager
Arnold H. Nager, Esquire
Yes, provided a formal contract of sale was signed by the parties and a down payment, (generally 10%) paid at contract signing.
Answered on 7/22/10, 6:03 pm
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