Legal Question in Real Estate Law in New York

Morning, I am currently "in contract" with a studio in New York. Everything is complete i.e the inspection, building application, appraisal, commitment letter. In May the co-op board received my building application----I was on Friday May 31st that if my commitment letter was received by June, I can interview in June (no date given). On Monday June 3rd (first business day of June), the managing office calls to inform me that because they did not receive the letter, my interview will be pushed to July (no date given). The building received my letter on June 11th (still in June). There are 30 days in June, and yet no interview could be scheduled. Now we are in July---I was scheduled for the 9th of July. The same day they scheduled me, they cancelled me due to "one board member unable to attend". On the 11th of July the realtor notifes me that they will interview me SEPTEMBER 11th at 8pm!! "Due to scheduling issues of the board members"---July was skipped over and so was August. My appraisal and rate expires in August and my commitment letter expires September 14th. I am at odds with the way the board is treating me. Do I have a recourse? Can I back-out and still get my money out of escrow? My attorney is looking into the matter but please help

Asked on 7/12/13, 6:38 am

1 Answer from Attorneys

Philip Katz Fink & Katz, PLLC

The question you ask would require a sit down with an attorney for an accurate answer. That attorney would have to review the contract of sale. I can tell you that generally, you would not be able to get out of the contract simply because the Board is being difficult, and if you don't cooperate with the Board and its process, you could lose your contract deposit. Again, you need to sit down with a lawyer and your contract of sale to get specific advise about your specific situation.

Read more
Answered on 7/20/13, 9:00 am

Related Questions & Answers

More Real Estate and Real Property questions and answers in New York