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If you applied for your residential loan on or after October 3, 2015, then the loan is subject to new regulations which require that final closing figures are c...

My lease is expiring and I’m desperately trying to schedule my cl...

Answered by:

Alexander Suslensky

Attorney

Answered rated:

5.0

No! The closing date in a New York contract is just an estimated date – regardless of whether it’s preceded by the words “on,” “on or about,” or even “on or bef...

I just signed a contract to buy an apartment and it says that the...

Answered by:

Alexander Suslensky

Attorney

Answered rated:

5.0

Unfortunately, no. A standard New York co-op contract states that the deal is terminated if the board rejects the sale, but it does not give the buyer a right t...

I just attended my board interview. I really didn’t like the boar...

Answered by:

Alexander Suslensky

Attorney

Answered rated:

5.0

The seller may not agree to this. Typically, sellers won’t countersign a contract until the buyer provides a deposit check that could be immediately deposited. ...

I’m ready to sign the contract today, but my funds for the depos...

Answered by:

Alexander Suslensky

Attorney

Answered rated:

5.0

Unfortunately, no. A New York co-op board has no legal duty to respond within any time frame, or even at all. That’s why you need to be very careful in locking ...

I’ve been in contract to buy a co-op apartment for four months. I...

Answered by:

Alexander Suslensky

Attorney

Answered rated:

5.0

Probably not. The only recourse you would have is if you could prove that in rejecting the sale, the board violated city, state or federal anti-discrimination ...

I was in contract to buy a co-op contract. I submitted all of th...

Answered by:

Alexander Suslensky

Attorney

Answered rated:

5.0

Unfortunately, there’s not much you can do. In New York, the deal is not legally binding until the seller returns a fully executed contract. That’s why it’s imp...

The seller accepted my offer. My lawyer worked very hard to compl...

Answered by:

Alexander Suslensky

Attorney

Answered rated:

5.0

No. In New York, a deal is not legally binding until the buyer signs a contract, provides a contract deposit (usually 10% of the purchase price) and the seller ...

The seller just accepted my offer. Is this legally binding?

Answered by:

Alexander Suslensky

Attorney

Answered rated:

5.0

Unfortunately, once you sign a standard co-op contract, you are required to provide the information required by the co-op board. That’s why it’s important that...

If I sign a contract to buy a co-op apartment, do I have to prov...

Answered by:

Alexander Suslensky

Attorney

Answered rated:

5.0

Maybe. Almost all New York condominiums have a right of first refusal to buy an apartment instead of a perspective purchaser. This right is almost never exercis...

I heard about the intrusive information required by New York co-o...

Answered by:

Alexander Suslensky

Attorney

Answered rated:

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You can do a professional inspection, but the larger the building, the less common it is. Most buyers probably don’t want to spend the money to have an inspecto...

I’m buying a co-op apartment in a building that has about 250 apa...

Answered by:

Alexander Suslensky

Attorney

Answered rated:

5.0

New York is a “caveat emptor” state, which in Latin means “buyer beware.” This means that it’s up to the buyer to make sure that the property is in acceptable c...

My broker told me that purchases in New York are generally on an ...

Answered by:

Alexander Suslensky

Attorney

Answered rated:

5.0

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