Refund of Purchase Price Rights and Remedies under New York Law

Federal FTC rules govern consumer cancellation periods across state lines. In New York, General Business Law § 396-r and state property disclosure rules require sellers to deliver disclosures or refund buyer deposits.

Buyers must issue written cancellation notices within exact contract timeframes. Missing a notice deadline can waive refund rights, allowing the seller to retain deposit money as liquidated damages under state law.

Hidden structural defects or environmental hazards discovered before closing justify contract rescission. New York property disclosure statutes hold sellers liable for concealing defects, allowing full deposit returns.

Standard purchase agreements often require mediation or arbitration before litigation. Alternative dispute resolution offers a faster path to resolve deposit conflicts without the delay and expense of full court trials.

Navigating escrow disputes requires prompt action to prevent forfeiture. SJKP's attorneys review contracts and file court actions. Drawing on our attorneys' combined experience, our firm secures complete refunds.

Under New York CPLR § 213, breach of contract actions carry a six-year statute of limitations. Purchase agreements set shorter deadlines for cancellation notices. Timely legal counsel preserves recovery claims.