Home Buying in New York>Question Details

CAROLINE RYS, Home Buyer in Brooklyn, NY

Can I get my earnest money deposit back if seller delaying the closing date by not providing all necessary documents?

Asked by CAROLINE RYS, Brooklyn, NY Wed Jul 17, 2013

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It's an attorney question. Difficult to know the answer without knowing the details of your situation. But usually it is a bit more tricky to get yourself out of a contract when the seller isn't "cooperating" than when you as a buyer do not handle your end of the responsabilities. What documents is it that the seller is not providing? Who is needing these documents? Just too many unknowned details.

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Wed Jul 17, 2013
The seller didi not sign and return the sale contract yet.
Wells Fargo needs this document and want it before the closing.
Flag Wed Jul 17, 2013
This sounds to me like there are no attorneys involved on either side of this deal, since a lot does not add up here.
0 votes Thank Flag Link Sat Jul 20, 2013
Hi Caroline,

In your reply below you state:

"The seller did not sign and return the sale contract yet.
Wells Fargo needs this document and want it before the closing."

I am not an attorney but in NY If the seller does not sign the contract and deliver it to you or your attorney you do not have a deal. You should be entitled to your deposit because you don't have a contract with the seller. The seller may have changed their mind about selling or they may have found another buyer that made a higher offer.

A contract of sale is more than a necessary document it is the basis of the transaction. Without a fully executed contract there is NO transaction.

Best,

Mitchell Hall
Lic Assoc RE Broker
Corcoran
mhall@corcoran.com
0 votes Thank Flag Link Sat Jul 20, 2013
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
I'm trying to figure out what could your bank possibly want from the seller, do you mind sharing, seems odd.
0 votes Thank Flag Link Wed Jul 17, 2013
If the contract has been breached by the seller ,you are entitled to a refund.

When requesting a refund, do it in writing and site your reason. If the earnest money is held at a title company, deliver the demand letter to them as well.
0 votes Thank Flag Link Wed Jul 17, 2013
council/counsel...spellchecker
Flag Wed Jul 17, 2013
as others have mentioned, it would be wise to seek legal council. although there's nothing wrong with putting the seller on notice of their breach, thereby making the breach known and having it documented and admissible as evidence in the event litigation becomes necessary.

An aside note, a good agent would have been watching the timeline and would have already put the seller on notice of their impending breach...attorney or not... it's called, good brokerage...looking out for your clients best interest.
Flag Wed Jul 17, 2013
Hi Caroline,

This definitely sounds like something that the Attorneys need to work out.

Unfortunately as a good attorney once told me "A n Attorney is only as good as their client," so you must push your attorney to get the answers you need from the other side. I know you are probably paying your attorney handsomely, so do not be afraid to call regularly to push!

He/she is working on your behalf and even though there is a lot of activity right now and I am sure they have a lot of closings on their plate, it is their job to make sure that you are informed of what is going on, how it might effect you, and what your rights are.


Good luck,
Janine
0 votes Thank Flag Link Wed Jul 17, 2013
Hi Caroline,

I am surprised that your attorney has not answered this question. In this case only your attorney is qualified to comment on the matter.
0 votes Thank Flag Link Wed Jul 17, 2013
Hi CAROLINE

Chris is right. As Agents and Brokers, we cannot advise on what is a legal matter. This is something you must discuss with your attorney and if for some reason you do not have one, you should retain one.

​Sincerely,
Joe Greene
Broker/Owner
WEICHERT, REALTORS - House & Home
609 Kappock Street Suite 1A Bronx, NY 10463
joegreene@weichert.com
http://www.WeichertWorks4U.com
(718) 432-5000 (Office)
(917) 974-2600 (Cell)
0 votes Thank Flag Link Wed Jul 17, 2013
That will depend on the language in your purchase contract. Your attorney will advise you accordingly.

Chris
0 votes Thank Flag Link Wed Jul 17, 2013
I would like to precise that :
- the seller gave me a time of the essence closing date, which is Monday, July 22nd 2013 (next monday)
- my loan contingency time has passed
- I provide all the documents necessary to close, I'm ready
- the seller still did not provided all the necessary documents that my bank requested and he has to provide it before the closing date
The seller doesn't want to extend the closing date but at the same time is delaying the process by not furnishing all required documents
What can I do? Can I get my earnest money deposit back since it's not my fault if we can't close on the time of the essence date?

Thank you very much for your answers. Since I have to close next monday I'm just desperate.
Caroline
0 votes Thank Flag Link Wed Jul 17, 2013
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