Legal Question in Real Estate Law in New York

Financing contingency in contract of sale cooperative apartment

Are you aware of any court decisions dealing with situation where Purchaser did not apply for a loan within time period provided in M123 contract or dealing with requirements for complete and accurate application. Also, whether application to a mortgage broker is an applicaation to an Institutional Lender


Asked on 8/03/01, 12:03 am

2 Answers from Attorneys
Amy L. Finch, 845-362-0387 Amy L. Finch, Attorney and Counselor at Law

Re: Financing contingency in contract of sale cooperative apartment

Your contract of sale will define your rights in this situation. If the purchaser defaulted on his obligations under the contract, the contract will specify your rights coming from the default.

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Answered on 8/03/01, 3:54 pm
Robert Kaplan Robert Kaplan, P.C.

Re: Financing contingency in contract of sale cooperative apartment

Your question implies that you are involved in a cooperative apartment sale in which the buyer may not have applied for loan and/or board approval within the time limits set forth in the contract.

While there may not be cases on point--(because the particular issue was never litigated), a contract may well have been breached and a liability should accrue. For further discussion, you may contact me at 718-268-4200 during business hours.

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Answered on 8/03/01, 8:53 pm


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