Legal Question in Real Estate Law in New York
Co-op Board rejection of my buyer resulting in huge financial loss.
My Co-op Board rejected my buyer. The loss of this sale has resulted in a great financial loss. I approximate the loss at $75,000.00, as I am now in contract with a new buyer at a 20% drop in price. Also, it has taken 6 months to find a new buyer. I have been paying the mortgage and maintenance ad no longer live in this apt. I have not been able to purchase another property, as I am waiting to sell the NYC apt. and purchase in N.J. I had no opportunity to appeal. My realtor represented both myself and the buyer(who I have never met.) The realtor assisted the buyer with her Co-op package. I was not given an opportunity to see the Co-op package until after it was rejected. I feel the realtor is responsible for the rejection of this buyer do to her inexperience in preparing the board package. I also hold the buyer responsible has she ''misrepresented'' herself. I would like to sue the real estate agent, buyer and the co-op board. Would you tell me if I have a case and would you be interested in representing me?
Thank you for your assistance.
T.L.
2 Answers from Attorneys
Re: Co-op Board rejection of my buyer resulting in huge financial loss.
As with most issues in the law, the answer as to whether you have a case depends upon an examination of the facts. Based upon what you say, it seems like you do have a claim for either wrongful refusal or negligence.
I would need to see a copy of the various documents at issue, however, and understand why you think the "package" was deficient (i.e., what you would have done differently if you had seen the package prior to its submission to the board).
Please feel free to email or call me at 312-596-1700 as I am currently having trouble with my New York phone number.
-- Kenneth J. Ashman; www.AshmanLawOffices.com; [email protected]
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Re: Co-op Board rejection of my buyer resulting in huge financial loss.
A co-op board may reject your buyer for ANY reason except discrimination. If there is no reason to suspect same than you prob do not have a case against the co-op board.
The Broker has no duty to complete a co-op application but has a duty to disclose a "dual agency" to you in writing. If she represented both of you, as you say, she would have to have received in writing both parties approval. Here, you would have a cause of action against the Broker if you didn't agree in writing.
As for Buyer, you don't say how she misrepresented herself. If she stated in the contract that there were no judgments, bankruptcies, etc and she in fact did, you may have a cause of action.
Debra Palazzo 914 961-7800
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