Lawyers.com > Discuss Your Legal Issue > Ask a Lawyer > Real Estate > put house for sale. buyer put deposit in escrow. defaulted on contract and backed out of sale. New buyers put deposit. Can't sell

put house for sale. buyer put deposit in escrow. defaulted on contract and backed out of sale. New buyers put deposit. Can't sell

2 Answers. Asked on Jun 13th, 2017 on Real Estate - New York
More details to this question:
House put up for sale 2016 in Brooklyn, NY. First buyer put down deposit in escrow but defaulted on contract. Could not come up with money for purchase. Contract stated that escrow would be defaulted. 2nd buyer put up deposit in escrow a year later. First buyer decided they wanted deposit back therefore holding up the purchase of the home for 2nd prospective buyer, because real estate lawyer for seller thought it should go to court. This was about 8 months ago. Everytime a final court date is given there is an excuse, causing seller to lose out on 2 homes that they were considering buying and of course delaying the sale to 2nd buyer. It is June 2017. Yesterday 6/12/17 was last court date. Nobody even called the seller. I am NOT the seller but she is close to a breakdown and won't do another thing. Is there any recours?
Answers Showing 2 out of 2
Answered on Jun 16th, 2017 at 11:48 AM

I do not understand your relationship to the transaction.  There are two people willing to close.  Close with one of them. If you have the second buyer, just return the deposit from the first buyer and close with the second.  What is the issue?

Report Abuse
Answered on Jun 15th, 2017 at 6:59 PM

There is absolutely no reason a dispute over an escrow deposit should hold up the sale of this house. The first buyer wants the deposit back- not the house. The second buyer wants the house. There is no conflict, and the sale should proceed. Something is very wrong here. It can only be sorted out by reviewing the contract for sale and the summons and complaint in the lawsuit over the contract deposit. 

Report Abuse
Real Estate
Real estate attorneys can help individuals, families and small business with all property-related legal issues. Buyers and sellers of residential and commercial real estate should work with an attorney to negotiate the terms of agreement; draft and review the contract; review related paperwork (such as loan agreements); clear existing liens on a property; and attend the closing. Lawyers can also assist property owners with addressing zoning/rezoning issues and appealing property tax assessment. Landlords and tenants should work with real estate law firms to draft and review lease agreement, handle eviction proceedings and resolve landlord-tenant disputes.
Have an Real Estate Question?
It’s Free & Easy.
Ask a Lawyer
Top Contributing Lawyers
Mark Tischhauser, Esq.

Attorney - Florida

307 Answers, 19 Legal Topics

Patrick Johnson

Attorney - Tennessee

236 Answers, 43 Legal Topics

Michael D. Siegel

Attorney - New York

146 Answers, 26 Legal Topics

Michael E. Fiffik

Attorney - Pennsylvania

120 Answers, 21 Legal Topics

Bruce Robins

Attorney - New York

100 Answers, 8 Legal Topics

R. Sam Price

Attorney - California

95 Answers, 13 Legal Topics

Lori Nevias

Attorney - New York

88 Answers, 31 Legal Topics

Real Estate Local Law Firms  
In United States change location
×
Please select state Update
Do It Yourself Legal Forms
Go

Popular Forums