Comments on: LEGAL CORNER: Court Decisions Regarding ‘Time of the Essence,’ ‘Reasonable Time,’ Retaining the Down Payment in Transactions

By: Lisa

Lisa — Tue, 11 Jun 2024 17:28:03 +0000

What is there is no closing date. In a coop purchase, and contract states on or about 20 days after board approval. Coop Board has had the package for about 8 weeks now and no signs of movement. Is there anything that can be done in this case? And yes we will never get in contract with such vague language, especially waiting for a coop board

By: admin

admin — Mon, 27 Jun 2022 21:37:30 +0000

In reply to Judy. If you already have legal counsel, you should speak with them to determine what options you may have to speed the process up, or compel them to go forward with closing. You may also have options you can exercise if you have already signed a contract with the buyer. However, this is a matter you should confer with your lawyer about, who can inform you about what steps you can take.

By: Judy

Judy — Thu, 23 Jun 2022 14:10:52 +0000

I would like to consult to see what options I have as a seller of a an income property house in Westchester County. The closing was suppose to take place on May 15th but there were problems with obtaining the mortgage but the buyer finally obtained a commitment for the mortgage. Today is June 23 and the closing still hasn’t taken place even though the buyer’s lawyers has all the necessary documents. My lawyer said the buyer’s lawyer is dragging her feet on setting up the closing date. In the meantime I’m in limbo and losing a great deal of money since I can’t rent the apartments in the house but still have all the expenses i.e. taxes, insurance, etc. and without the income it is difficult to pay these expenses in the future. Can you advise what my options are?

Thank you,
Judy