Deposit return policy? After my bank finally got the building's budget reports they denied the

Asked by Bella, Buffalo, NY Mon Jan 19, 2009

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?

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5
Anna M Brocco, Agent, Williston Park, NY
Mon Jan 25, 2010
Hopefully you have your deposit back by now--but if not stay on top of your attorney--most deposits are returned within a week or so.
0 votes
Joseph Hasti…, Agent, Bayside, NY
Mon Jan 25, 2010
Hi Bella. Has your Attorney returned the offering plan and bldg financials to the sellers Attorney? If not, this could be a reason for the delay. They do like to play the game.

There is no "normal" time frame for the return but it usually happens pretty fast. Sorry to hear of this silliness. I'm sure you'll get your check shortly.
0 votes
Zengwei Fu, Home Buyer, 11373
Sat Aug 29, 2009
could you give a hint of which building it is? do they give reason for rejection?
0 votes
Everett Perry, Agent, Fresh Meadows, NY
Mon Jan 19, 2009
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.
0 votes
Jeff and Gin…, Agent, Vero Beach, FL
Mon Jan 19, 2009
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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