Legal Question in Real Estate Law in New York

We sold our home August 12,2010. (North Tonawanda, NY) Upon closing this week, we were called last night saying the buyers cannot get their loan, due to the fact the wife changed jobs 2 weeks ago (In another field) Do we as the sellers have any rights?? What does a Pre-Approval mean then??

Asked on 10/08/10, 6:23 am

1 Answer from Attorneys

Arnold Nager Arnold H. Nager, Esquire

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Depending upon the terms of the contract, you may be able to keep the down payment. Speak with your attorney.

Answered on 10/14/10, 2:26 am

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