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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