What is the name of your state (only U.S. law)? New York
Recently the sale of my house terminated with the buyer not fulfilling contract requirements. He obtained a letter of committement twice from two different banks, I also provided a letter of equity and agreed to hold a portion of the loan. After going through this process for almost 1 year, he failed to meet the last established closing date my lawyer had set. Oh and he always signed a letter agreeing to pay my lawyers fees if we did not close.
My questions are:
1- Does he now loose his good faith money?
2- How long must my lawyer hold the money in escrow?
3- Is there a time limit on the time the money can be held and if he does not request the money when can it be returned to me. If he request the money and I feel he is not entitled to it does he have to sue me to get it back.
Recently the sale of my house terminated with the buyer not fulfilling contract requirements. He obtained a letter of committement twice from two different banks, I also provided a letter of equity and agreed to hold a portion of the loan. After going through this process for almost 1 year, he failed to meet the last established closing date my lawyer had set. Oh and he always signed a letter agreeing to pay my lawyers fees if we did not close.
My questions are:
1- Does he now loose his good faith money?
2- How long must my lawyer hold the money in escrow?
3- Is there a time limit on the time the money can be held and if he does not request the money when can it be returned to me. If he request the money and I feel he is not entitled to it does he have to sue me to get it back.