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all cash contract

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all cash contract

Postby Lilly » Wed Mar 19, 2003 4:12 pm

I am currently under contract to buy a condominium apartment in Manhattan. I signed the contract and in it I waived financing, meaning my buying the apartment is not subject to my obtaining a mortgage. The owner of the apartment has cancelled our closing date, which was March 13th. We now have another date to close for April 15th. My attorney is trying to get a letter from the owners attorney (the seller) saying "time is of the essence" for the April 15th closing. My attorney tells me
that if the owner fails to close on April 15th I can get my 10% deposit back. Is this true and if not, what recourse do I have against the seller for failing to close? My attorney told me that the apartment she (the seller) is moving to is being held up in Surrogates Court with a gardianship issue.
What does that mean?
Any advice would be appreciated.
I am currently staying with a friend and I don't want this to end up being months!

Thank you
--
Lilly
 
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Location: New York City

Re: all cash contract

Postby Cvillecpm » Thu Mar 20, 2003 1:27 pm

You should be asking these questions of your attorney or Realtor.
35 years of property management experience
Cvillecpm
 
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Re: all cash contract

Postby Lilly » Thu Mar 20, 2003 9:26 pm

Not using a realtor and I just want a second opinion from hopefully another attorney-there's potentialy a lot of $ at stake-just want the apartment & want to avoid litigation. The sellers attorney is dodging phone calls
Lilly
 
Posts: 251
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Location: New York City

Re: all cash contract

Postby consigliere » Thu Mar 20, 2003 10:00 pm

Because the contract wasn't subject to your obtaining a mortgage, your attorney should have insisted on a "time is of the essence" provision in the original contract.
 
If you can't close on April 15th, your attorney could demand a refund of your 10% deposit. Or you might be able to commence a suit in state supreme court for specific performance to actually force the seller to have a closing and to surrender the apartment to you.
 
The seller probably doesn't want to find temporary quarters in which to live while the surrogates court proceeding is pending.
 
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