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daltonsjr

Guest
undefinedWhat is the name of your state?New York.

Hi. I have been waiting 6 months to close on a co-op in NYC. They have my 20% deposit as requested in my contract. The problem is that now, 6 long months later, we are trying to coordinate all the lawyers (seller, bank, and mine) to meet to close. The banks lawyer can't make it and the management company is not returning calls and are very uncooperative to give us a date to close(closing must take place on their property). Here is the problem. The seller is now going into the hospital leaving us literally a one day this week opening or the closing will not take place for another month, but that means I may lose my lock in rate(which has been extended twice) and will have to find a temp. place to live. Major problem.. Do I have anypower to get back my money-I feel like this will never close. If the managenment co. or the others lawyers are lazy about getting back to me and my lawyer , then are they not neglegent(sp?) in some way?I cannot help or control all these outside factors and feel helpless. Thanks. Dalton
 


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daltonsjr

Guest
Hey, I think that is Donald Shimoda. One of my favorite books.
Anyway, thanks for the reply. It says I should close July 15th. and there is a standard financing contingency re: when the closing date comes and goes for thirty days, you should be able to get the same lock in,which thy have extended twice, but what I was wondering is how long are they allowed to hold your money. You are really at the whim of the management company and various lawyers. At some point(going on 7 months) if they cannot agree on a meeting date, can I be sure to get my money back?

And if I may. A general question- Why and who gives the board the right to deny without a reason. Should't there be some law to protect the buyers rights after you pay a fee to apply??????
 

BelizeBreeze

Senior Member
daltonsjr said:
Hey, I think that is Donald Shimoda. One of my favorite books.
Anyway, thanks for the reply. It says I should close July 15th. and there is a standard financing contingency re: when the closing date comes and goes for thirty days, you should be able to get the same lock in,which thy have extended twice, but what I was wondering is how long are they allowed to hold your money. You are really at the whim of the management company and various lawyers. At some point(going on 7 months) if they cannot agree on a meeting date, can I be sure to get my money back?

And if I may. A general question- Why and who gives the board the right to deny without a reason. Should't there be some law to protect the buyers rights after you pay a fee to apply??????
I didn't mean your condo board or financial application. What does your purchase contract FROM THE SELLER state (word for word, do not paraphrase) regarding closing.?
 

HomeGuru

Senior Member
BelizeBreeze said:
I didn't mean your condo board or financial application. What does your purchase contract FROM THE SELLER state (word for word, do not paraphrase) regarding closing.?

**A: there is no condo board as this is a cooperative.

signed,
Don Shimoda
 

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