Deposit return policy? After my bank finally got the building's budget reports they denied the
coop I wanted to purchase in Queens, NY. A denial letter was submitted to the seller's attorney and several weeks later I am still waiting to get my deposit back. My lawyer states he's been playing phone tag with the seller's attorney, who seem to have been dragging their feet. My question is, what is the normal timeframe for one to get their deposit back after a contract has been canceled?
could you give a hint of which building it is? do they give reason for rejection?
normally right away, some attys do play around with returning deposits but you will get it back. if they take too long, tell them you plan to call the BAR association of NY and that normally picks up the pace. sometimes i think they do his to earn interest on their IOLA accounts.
It depends on whether or not your check has had time to clear the bank. They won't return funds to you until they know that your check will clear, usually 10 days. After that, it should be no longer than 5 business days.
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