need some advice... so i signed on a condo new dev a month ago and my closing is in 2 weeks. today i was walking past the building and noticed that there were a few open houses in the building and went up to see what the other apts were going for and how they were set up... after viewing, went down to my apt and noticed that the apt was unlocked and took a look around etc.. (i know i wasnt... [more]
need some advice...
so i signed on a condo new dev a month ago and my closing is in 2 weeks. today i was walking past the building and noticed that there were a few open houses in the building and went up to see what the other apts were going for and how they were set up... after viewing, went down to my apt and noticed that the apt was unlocked and took a look around etc.. (i know i wasnt supposed to be there). when looking around, i noticed that the dishwasher was leaking and the wood underneath the washer was warped. new dishwasher etc., so pretty surprised about it... this developer allows you to do 2 punch lists and already completed my first. mmy second is in a week, but concerned that none of the contractors will notice the prob for another week or so - so the water damage will be worse.. what do people recommend i do.
1) wasnt supposed to be there in the first place... so cant really say that "I" was the one that noticed it..
2) if i wait, prob will have to delay closing even further as ill have to wait for the contractors to fix... and i want to move in asap.
what you guys think? tx.
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
call and say your friend went to the open house. tell them your friends walked into your apt and noticed this. what do you care you are closing on this place?
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
Was this at 10 West End? I heard that alot of the finishes are a bit shoddy there.
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
The developer has no right to limit you to two punchlists. If you need two dozen punchlists to get your apartment into the promised condition, you are entitled.
Talk to your lawyer and have them call the developer without revealing that you were there.
FWIW: I once mis-installed a dishwasher and it leaked. It was a tile floor so there was no warping, but there was mild. It was a headache to fix and I learned my lesson.
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
This is an issue for an excellent real estate attorney. Every contact you have with the developer from here on out should be through your attorney. And don't get cheap now and try to save money by using a less experienced attorney or one that doesn't specialize in real estate. Whatever you pay a great attorney will save you much more in money and emotional heartache down the road.
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
(orig poster)
you know what? im going to wait for my 2nd punchlist next week and pay close attention to that area.. if there is an issue, will be very vocal. also will make sure dishwasher is solid... re lawyer -- i completely agree. I used a lawyer that i received through my hyatt legal plans and he truly sucks. wanted to save a couple thousand dollars and ended up having someone that would NOT read the offering doc. im in finance (used to reading legalese), so i read it at the end of the day and pointed out issues i had to the lawyer... but i STRESS, a good lawyer is key. my guy doesnt even want to do a closing cost overview... and now it is too late to chg...
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
(orig poster)
btw, thanks for everyone's help. also re my blg, not 10 west end.. dont want to say where it is as i dont want negative press on internet re my investment... but it is one of those new devs downtown.
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
Poster #5 here again:
It's NEVBE, EVER too late to change attorneys, and buying a home anywhere in greater NYC requires an attorney from NYC who specializes in real estate. Don't kid yourself here! Even if you have to swallow whatever you've paid your current lawyer up to this point, it's only a few thousand dollars at most (I assume), and we're talking about (potentially) the single biggest investment you're going to be making.
If you do not feel that your attorney truly has your back and does not know NYC real estate, dump him/her NOW and get one who does - it's worth paying a bit extra for the piece of mind - you're negotiating with a developer who has a VERY sharp attorney, I can promise you that!!
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
so what, you were there....is he going to spank you? your talking about a huge amount of money and it's strictly business. let him know you were there and what your concerns are. If the developer didn't want people wandering around into certain units they should have locked the doors....simple.
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
Many of the above posters are correct --- what's with the two punch-list only, i.e., you get to come in twice and if they don't finish out properly, too bad? I don't think so. Also if the bldg. was open to the public for open houses, why was the door for your contracted property left unlocked? So the public could use the bathroom? As to your atty., he won't do a closing cost overview? That's his/her job. And you wanted to save a couple thousand of dollars --- it only costs appproximately $2000 to get an attorney. How much is this person charging you? Did he tell you how much the NYS mortgage transfer is going to cost? Or the mansion tax if you are paying >$1M? Please, this is a huge investment. This is not the time to be polite. Get a grip.
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
(orig poster)
thanks for all the info on this. appreciate your guidance. frankly at this point, it is easier for me to stick with this guy as im closing next week. Also the 1-% down contracts are already signed, and he has promised that he will get me closing cost update - he gave to me verbally, but i wanted on paper.
what else should i make sure he does for closing? he has found a title company, and the paperwork etc... too late for a new lawyer to read my offering memo (as i have already signed).. so i think im going to stick it out. you are right though.. he is lame and i should have done it earlier.. my !@#$% work legal plan gave me a lawyer for free and i lamely took it..
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
well... you save $2000 lmao!
closing costs usually includes a closing fee, title search/examination fee, title insurance, recording fees, mortgage tax (if you're taking out a loan), and any bank fees. your lender will tell you the bank fees. they usually provide you with a "good faith estimate."
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
You're lucky you got a sneak peak. Most developers will only let you do 1 walk through so you can't catch them not doing their job.
call and say your friend went to the open house. tell them your friends walked into your apt and noticed this. what do you care you are closing on this place?
Was this at 10 West End? I heard that alot of the finishes are a bit shoddy there.
The developer has no right to limit you to two punchlists. If you need two dozen punchlists to get your apartment into the promised condition, you are entitled.
Talk to your lawyer and have them call the developer without revealing that you were there.
FWIW: I once mis-installed a dishwasher and it leaked. It was a tile floor so there was no warping, but there was mild. It was a headache to fix and I learned my lesson.
This is an issue for an excellent real estate attorney. Every contact you have with the developer from here on out should be through your attorney. And don't get cheap now and try to save money by using a less experienced attorney or one that doesn't specialize in real estate. Whatever you pay a great attorney will save you much more in money and emotional heartache down the road.
(orig poster)
you know what? im going to wait for my 2nd punchlist next week and pay close attention to that area.. if there is an issue, will be very vocal. also will make sure dishwasher is solid... re lawyer -- i completely agree. I used a lawyer that i received through my hyatt legal plans and he truly sucks. wanted to save a couple thousand dollars and ended up having someone that would NOT read the offering doc. im in finance (used to reading legalese), so i read it at the end of the day and pointed out issues i had to the lawyer... but i STRESS, a good lawyer is key. my guy doesnt even want to do a closing cost overview... and now it is too late to chg...
(orig poster)
btw, thanks for everyone's help. also re my blg, not 10 west end.. dont want to say where it is as i dont want negative press on internet re my investment... but it is one of those new devs downtown.
Poster #5 here again:
It's NEVBE, EVER too late to change attorneys, and buying a home anywhere in greater NYC requires an attorney from NYC who specializes in real estate. Don't kid yourself here! Even if you have to swallow whatever you've paid your current lawyer up to this point, it's only a few thousand dollars at most (I assume), and we're talking about (potentially) the single biggest investment you're going to be making.
If you do not feel that your attorney truly has your back and does not know NYC real estate, dump him/her NOW and get one who does - it's worth paying a bit extra for the piece of mind - you're negotiating with a developer who has a VERY sharp attorney, I can promise you that!!
so what, you were there....is he going to spank you? your talking about a huge amount of money and it's strictly business. let him know you were there and what your concerns are. If the developer didn't want people wandering around into certain units they should have locked the doors....simple.
Many of the above posters are correct --- what's with the two punch-list only, i.e., you get to come in twice and if they don't finish out properly, too bad? I don't think so. Also if the bldg. was open to the public for open houses, why was the door for your contracted property left unlocked? So the public could use the bathroom? As to your atty., he won't do a closing cost overview? That's his/her job. And you wanted to save a couple thousand of dollars --- it only costs appproximately $2000 to get an attorney. How much is this person charging you? Did he tell you how much the NYS mortgage transfer is going to cost? Or the mansion tax if you are paying >$1M? Please, this is a huge investment. This is not the time to be polite. Get a grip.
(orig poster)
thanks for all the info on this. appreciate your guidance. frankly at this point, it is easier for me to stick with this guy as im closing next week. Also the 1-% down contracts are already signed, and he has promised that he will get me closing cost update - he gave to me verbally, but i wanted on paper.
what else should i make sure he does for closing? he has found a title company, and the paperwork etc... too late for a new lawyer to read my offering memo (as i have already signed).. so i think im going to stick it out. you are right though.. he is lame and i should have done it earlier.. my !@#$% work legal plan gave me a lawyer for free and i lamely took it..
well... you save $2000 lmao!
closing costs usually includes a closing fee, title search/examination fee, title insurance, recording fees, mortgage tax (if you're taking out a loan), and any bank fees. your lender will tell you the bank fees. they usually provide you with a "good faith estimate."
You're lucky you got a sneak peak. Most developers will only let you do 1 walk through so you can't catch them not doing their job.