Legal Question in Real Estate Law in New York

Seller refuses to close

I am under contract to buy a co-op in NY and am ready to close. Seller has become upset because my attorney has pointed out that additional documents are needed on their side to show their ownership is legitimate (turns out he was correct), and documents are now provided and ready. However, hard feelings remain and the seller now refuses to close unless I pay some more money (and he won't even put this request in writing). My mortgage rate lock expires soon. I can get another place, but have paid a lot transaction costs for this deal. For this deal, I have complied with every term on the contract and am still ready to close. What recourse do I have to either force the seller to sell or to compensate me for my costs?


Asked on 7/27/04, 2:28 pm

2 Answers from Attorneys
Robert R. Groezinger GroezingerLaw P.C.

Re: Seller refuses to close

1. What does your lawyer say? Would not the person who knows allof the facts be in the best position to advise you?

2. A time of the essence letter? A breach letter?

It can become a game of "chicken" Why not trust your attorney?

Good Luck

RRG

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Answered on 7/27/04, 2:32 pm
Walter LeVine Walter D. LeVine, Esq.

Re: Seller refuses to close

If the contract has no provision covering this, other than that the Seller is required to provide all documents, this is the Seller's obligation. If your lawyer missed this and there is no contract provision, he goofed. While this is being resolved, your lawyers should send a time of the essence letter, in accordance with NY law, to specify a closing date. If Seller efuses to close on the specified date and time, he can be held liable for any damages you incur (such as a higher mortgage rate). I have heard that NY law does not permit time of the essence letters, so this should be checked out with your attorney. Finally, you do not specify what the costs are. If they are nominal, bite the bullet and pay for them. Your legal fees and agrivation may be more.

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Answered on 7/27/04, 2:51 pm


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