Legal Question in Real Estate Law in New York
Buying a sponsor apartment
I am looking to buy a sponsor apartment from the building co-op directly without using a realestate agent. The superintendant to all the buildings that the management owns, is the one that I was told that you are suppose to go through to make a bid on the apartment. The apartment asking price is $120k. Over a week ago, I made a bid to the superintedant of $115k. I have yet to hear if the they have accepted my offer. I have now been asked by the superintendant to make a downpayment on my offer of $2k by money order to get the process going, and put a hold on the apartment, so it is not shown to anyone else, even though they have not accepted my offer yet or turned my offer down.
Is this sound fishy, or is it normal practice to pay a downpayment to show your interest while you are negotiating price when buying a sponser apartment without a realestate agent?
Should they not accept my offer, will I be entitled to my full downpayment of $2k.
What recorse will I have should they refuse to pay me back my downpayment?
2 Answers from Attorneys
Re: Buying a sponsor apartment
Until they accept your offer in writing there is no contract and I would give them nothing.
Re: Buying a sponsor apartment
This is not the normal procedure for buying a cooperative apartment. No money should be given until a contract is signed. Find out who the managing agent is for the building and contact them directly about the apartment you are interested in purchasing. Once you've agreed on a price, you will sign a contract and tender a down payment. You should have an attorney review all the documents prior to signing and giving any money. Please call my office if you need legal assistance and do not already have an attorney.
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