Seller in Rescinded Real Estate Deal Can Keep $4M Prospective Buyer’s Deposit, Panel Finds

Scott Mollen was quoted in the New York Law Journal regarding his representation of the Muss family in an unanimous ruling by a New York state supreme court appellate panel. The court held that the Muss family, which had contracted to sell an undeveloped 23-acre waterfront parcel on Staten Island, was not required to return the prospective buyer's $4 million deposit when the buyer filed a rescission action before the closing date. Mollen told the publication that his client "believes the rescission action was merely an attempt by this developer to get the purchase price reduced."