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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 c...

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

Answered by:

Alexander Suslensky

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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,...

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

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Alexander Suslensky

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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...

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

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Alexander Suslensky

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

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

Answered by:

Alexander Suslensky

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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...

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

Answered by:

Alexander Suslensky

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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 ...

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

Answered by:

Alexander Suslensky

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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....

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

Answered by:

Alexander Suslensky

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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 pr...

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

Answered by:

Alexander Suslensky

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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...

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

Answered by:

Alexander Suslensky

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Maybe. Almost all New York condominiums have a right of first refusal to buy an apartment instead of a perspective purchaser. This right is ...

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

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Alexander Suslensky

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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...

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

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Alexander Suslensky

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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 propert...

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

Answered by:

Alexander Suslensky

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