Legal Question in Real Estate Law in New York
UCC-3 Financial Statement
I am purchasing a ''new'' Co=op Apartment in New York City from a Developer. My bank says Closing is being held up because the Developer is not providing a
UCC-3.
My attorney says my bank is being unreasonable, says the bank is making things difficult and requiring unnecessary documentation.
The Developer contacts me directly and continues to suggest that I seek a mortgage from their preferred Lenders. My attorney agrees.
This I refuse to do because those lenders don't come close to the rate I was given by my bank.
Can you please explain why this is happening and is there a solution to this problem?
Should I seek other counsel?
Any help you can provide would be greatly appreciated? Thank you for your time.
1 Answer from Attorneys
Re: UCC-3 Financial Statement
Sorry to hear you are having a difficult time trying to Close on your CO-OP.
A key question is who is making an issue of the UCC-3? Is it your
bank or the bank's attorney? If its the bank's attorney, then you
may want to get the bank attorney's phone number and ask them for
clarification because there may be a good reason for their concern. Since
you are hiring your bank, and your bank is hiring the lawyer, the bank should give you the phone number for the bank attorney.
If you are not happy with your attorney you are always able to change, but bear in mind that your current attorney may charge you a partial fee for their time spent already on your case.
Please feel welcome to contact my office if you would like representation in this matter.
ps - regarding your rate with the bank, these can be only locked for so many days, so you would need to make sure you have sufficient time left on your mortgage commitment to ensure you get this rate at Closing
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