What happens if I don make the balance payment or submit required paperwork, affidavits, completed mortgage application package and fee?
The Division of Real Estate Services will place you in default of all Terms and Conditions of Sale. In the event that you are placed in default, the City will retain all monies paid on account of the purchase as liquidated damages, and may resell the property at a future auction. Furthermore, the City of New York will not permit you to bid on, close title on or purchase property from the City for a period of five years.
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