Home Buying in 11101>Question Details

Cathy Cai, Home Buyer in New York, NY

Can I get my deposit money back if the seller doesn't provide a clear title?

Asked by Cathy Cai, New York, NY Wed Jun 9, 2010

I'm about to close on a two-bedroom apt in queens. Bank is clear, everything's ready except that the title is not clean. There is a mechanics lien filed against the base block and lot. The seller keeps telling us that it's not important, but our laywer said this is a very serious issue and advised us not to close. My laywer has been asking them to solve this issue for a long time. Next weekend I'm going out of country for one month and if we cannot close next week, we have to wait until the end of July. Now I really want to back out of the deal because I will not get the tax credit and mortgage rate will be going up if I close in July. Can I get my deposit money back if I quit the deal now?

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2
Hi Cathy, IF you are mortgaging the apartment the bank will not close on a loan that does not have clear title. Your attorney advised you well.....keep in mind you have until Sept 30th to close -in order to qualify for the $8000 tax credit. Mortgage rates are the lowest they have been in over 40 years @ 4.50% Terry K 718-614-3167 or email me therese.korahais@elliman.com
0 votes Thank Flag Link Sat Jul 31, 2010
Your attorney can advise you best, and it appears that you already asked him/her the question, and that you are being advised to close only upon title clearance--therefore, listen to your attorney--not knowing all the details nor how much money is involved--is the seller planning on paying off the lein at closing I wonder--either way your attorney can best advise you as to how to proceed, terminating the contract, etc.
0 votes Thank Flag Link Wed Jun 9, 2010
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