Legal Question in Real Estate Law in New York

8 month closing process

I am a first time homebuyer.

I signed a Purchase Agreement for a condo in Brooklyn - purchase price of $120K.

I found my attorney through my realtor - I met her once in person the day I signed my PA. The lease on my apartment was ending July 15, therefore, I asked my lawyer if she thought I would close by then. She thought the process could take until August 1 and I decided to liquidate the remainder of my downpayment and closing costs ($12,000 + $6,000).

In September I called my mortgage rep to inform her that the closing was finally happening. She informed me my file was ''dead.'' She told me that it is usually the lawyer's job to keep file active.

I am now locked into a rate that is 1/8% higher than when I locked last July. Had my lawyer kept me informed that I needed to stay on top of my mortgage company, I could have potentially closed with an 1/8% lower rate. Had my lawyer told me from the beginning that I would not likely close until November or December, I would not have sold my CD's prematurely.

Should I proceed with the closing as scheduled and finally get into the property, pay her her fees and be done with it?

Should I not pay her?

Thank you.

1 Answer from Attorneys

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