Neil Garfinkel is quoted in an article by Candace Taylor appearing in the January, 2009 issue of the Real Deal – “Buyers Seek Expanded Legal Coverage”.
An excerpt appears below:
“We’re entering very unusual times,” said attorney Neil Garfinkel, a partner at Abrams Garfinkel Margolis Bergson and residential counsel to the Real Estate Board of New York.
“In 99 percent of the deals that I’ve done, both parties wanted to do the deal. All of a sudden, things have changed so dramatically that one of the parties doesn’t want to,” said Garfinkel, who oversees his firm’s real estate and banking practices.
Meanwhile, more lawsuits are popping up as buyers try to get their deposits back or delay the seller from pocketing the money.
“The idea of the seller keeping the deposit is not always a slam dunk,” especially given the unusual economic circumstances, Garfinkel said. Buyers can object to the seller claiming the deposit, and ask that the funds be put in escrow while litigation takes place. “It’s not so easy for a seller to access that money,” he added.