Legal Question in Real Estate Law in New York
UCC-3 Financial Statement
I am purchasing a ''new'' Co=op Apartment in New York City from a Developer. My bank says Closing is being held up because the Developer is not providing a
UCC-3.
My attorney says my bank is being unreasonable, says the bank is making things difficult and requiring unnecessary documentation.
The Developer contacts me directly and continues to suggest that I seek a mortgage from their preferred Lenders. My attorney agrees.
This I refuse to do because those lenders don't come close to the rate I was given by my bank.
Can you please explain why this is happening and is there a solution to this problem?
Should I seek other counsel?
They are now suggesting title insurance. I do not believe I can obtain title insurance with a lien on the property. Am I correct?
Any help you can provide would be greatly appreciated. Thank you for your time.
1 Answer from Attorneys
Re: UCC-3 Financial Statement
You need a UCC to protect the lender and the board/sponsor and yourself. This is a standard practice.
Why not just pay your attorney to do it?
Title insurance will protect against liens and the UCC will aid in this.
Good Luck
RRG
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