What is the name of your state? New York
I recently signed a contract to purchase a coop apartment in New York City, and agreed to the financing terms of 50% down and 50% financing as stated in the contract. The coop's minimum down requirement is only 25%. The reason that the seller requested 50% down is to improve my chance of getting the coop board approval. After discussing with a loan officer, I realized that I'm actually qualified for 75% financing on the apartment. My question is: if I decide to apply for 75% financing instead of 50% as stated in the contract, get the bank commitment, but for whatever reason get rejected by the coop board, can the seller hold me in breach of the contract and retain my purchase deposit?
I recently signed a contract to purchase a coop apartment in New York City, and agreed to the financing terms of 50% down and 50% financing as stated in the contract. The coop's minimum down requirement is only 25%. The reason that the seller requested 50% down is to improve my chance of getting the coop board approval. After discussing with a loan officer, I realized that I'm actually qualified for 75% financing on the apartment. My question is: if I decide to apply for 75% financing instead of 50% as stated in the contract, get the bank commitment, but for whatever reason get rejected by the coop board, can the seller hold me in breach of the contract and retain my purchase deposit?