A real estate buyer cannot recoup a $4 million deposit because the sellers were relieved of any obligation to show they were ready to close when the buyer filed a rescission action before the closing date, an appellate court held.
A unanimous panel of the Appellate Division, First Department, held that the Muss family, which had contracted to sell an undeveloped 23-acre waterfront parcel on Staten Island, was not required to return a prospective buyer’s deposit.
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