Consumption and Real Estate
The seller’s attornrey is not returning my deposit for real estate transaction?
Question : The seller’s attornrey is not returning my deposit for real estate transaction?
I was purchasing this bed & breakfast in upstate NY, once my offer was accepted by seller i went in contract to buy with contingency terms ( like inspection, mortgage approval etc) I had given 10% deposit almost 70k to sellers attorney to be held in trust account then i went in to get the property inspection and i found like lots of problems some were black mold, bad saggy roof, crawl space had water almost 1 ft deep and structural problems after seeking advice with my attorney i decided not to buy this property so my attorney sended a notice to seller attorney based on contingency i am not interested in buying this but seller attorney is not willing to give my 10% deposit back , so i am looking for an advice in this can i file a complaint or report to government service so atleast i could get my deposit back , Please advice!!!!!!!
By the way i use the realtor who was also the listing agent , she is saying once the seller’s attorney says the deal is off she will returned some portion of deposit she is holding?
property inspection services
Best answer:
Answer by Tim
Have your attorney handle it.
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#2 written by The Authority 1 year ago
Well the first piece of advice I would give you is to use a Realtor and not an attorney to assist you in the purchase and sale of property. What you are doing is like asking a doctor to repair your car.
If you have an inspection contingency written into the purchase and sale agreement then you should be OK. I don’t know about NY but in Florida all binder deposit disputes are settled through mediation or arbitration not a judge or jury trial. But let me guess, it was a for sale by owner and no licensed Realtor was involved and now its a big cluster F#$ %. Good Luck and remember the first piece of advice I gave you for your next Real Estate move.
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#4 written by Biggie @ Arbor Mortgage 1 year ago
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In NY, cancellations have to be exactly in the manner provided for in the contract. This includes the service of the cancellation. Your contract may have called for the seller to be provided with the results of the inspection, perhaps an opportunity to cure or correct, and it would specify who (the buyer, seller or both) would be allowed to cancel if the results of the inspection were unsatisfactory.
Assuming it was all done correctly, your contract or rider would have spelled out the options available to you; arbitration, any remedy at law, etc.
Only you and your attorney have access to your contract. None of us have a copy.
You need to ask your attorney what needs to be done next.