Queens, NY asked in Contracts and Real Estate Law for New York

Q: Can I get back money for down payment on condo placed before the coronavirus?

I signed a contract to purchase a condo in 2019 (before the coronavirus) and put a 10% down payment for the condo. However, after the coronavirus hit, my business took a very hard hit, and I am unable to pay for the amount of the condo. When I had purchased it, the plan was to pay for the condo in cash, however, now it is very hard for me to even get a mortgage. The contract has no mortgage clause because I had planned to pay in full in cash. Now I am unable to get a mortgage, and risk losing the full down payment I made (close to $74,000). Are there any other options? Thank you in advance.

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1 Lawyer Answer
Michael David Siegel
Michael David Siegel
  • New York, NY
  • Licensed in New York

A: It depends upon the terms of your contract. However, you need to be a tough guy to make things harder for the seller so you can get some back.

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