mortgage contingency

Is it common for condo contracts to go out without this clause?

Nope... I would have your attorney push to have a mortgage contingency clause. Otherwise, say BYE BYE to your $$$ if your mortgage falls through

If you're talking about finance contingency, you could loose your deposit for the following reasons:
- the co-op financials are not good enough for the bank
- you get laid off before closing

certainly not worth the risk, since you are putting 50% down, you should be in the drivers seat.

I looked over the financials of the condo with my lawyer and everything seems ok. I sent a NYS certified inspector to look at the unit and building. Found minor, normal issues. What if there's a lien on the unit?

I am not a lawyer but I beleive in the contract it should state something like that the title will be free and clear of any liens.

I see nothing of the sort in the contract and I even see, "Purchaser represents and acknowledges that Seller shall not be required to make any repairs, incur any expense or commence any litigation or proceedings to effectuate the closing, except as specifically set forth herein."

And thanks again all for all the help so far!

Also remember that your appraisal may come in below your agreed contract price and you will have to pay the difference.

it's a buyers market, and don't move forward if you are not comfortable without the mortgage contingency.

to comment #9: this is probably the biggest reason sellers want to waive this, they know their place way overpriced and waiting for a sucker to buy it

It is very very uncommon for small buildins to have a continency. From what I hear, it is becoming the same for many desirable coops and condos. The reason that sellers often insist on no continency is NOT for the reason cited by #11, but rather because it is quite easy for a buyer to manage to "fail" to get financing, back out, and thus hold the seller up.You cannot imagine how many flaky buyers there are!It is not really a buyer's market, as someone above states, and it depends on the unit. If there is other interest in the unit the seller is very wise to insist on no mortgage contingency as many people feel comfortable offering that. Since you are financially qualified enouh to put down 50% you already are not subject to the kind of risk that a 10--20%er is subject to--that is to say if it doesnt appraise you would have to cough up the difference, but at 50% financing that is not an issue. Look, buyers are always more protected with a contingency, but for desirable units many buyers are just takin the chance. Again, it sounds like you are in good shape. I myself would go ahead and buy it, because you might lose it.Whatever you decide, good luck!

I agree with #12, since you're already preapproved and are putting 50% down, I strongly doubt you'll be turned down for a mortgage.

The real issue as a buyer is what #9 stated, in case the property is appraised below your price you'll have to come up with the difference or lose your deposit.

Is this a condo or a coop?

yo yo, i put down 10% and CANNOT YET GET A MORTGAGE FROM A BANK!!---why---> the coop has insufficient paperwork and we are going nuts, luckily we have the contigency if the broker cannot find something

#10 In the last 3 or 4 months of looking (condos and new dev condos) all around the city, I feel a little shift and the playing field seems it has shifted a bit away from the buyers side and evened out a little, but that's just my personal opinion.

#12 My gut feeling and advice from lawyer and broker friends have been the same. Thank you once again as these comments are helping me a great deal.

#13, it's a condo in a very desirable location with other offers on the table (this is not from brokers sales tactics but from hearing two people on the street right after the open house call their brokers)

#12 here--good I am glad as it sounds like you are pursuing it and have peace of mind. Good luck!

ah ha

I'm not worried about my side of things, my loan is a done deal. I'm worried about everyone else. Can the condo management reject my request to purchase for any reason they choose? And then what happens to my deposit?

If the Board denies you, you get your deposit back (although I guess if you purposefully tried to get rejected to back out the seller may have some grounds to go after the deposit). If the contract says otherwise your attorney should have told you not to sign it.