Cancelling contract because the commitment letter was not issued

I am afraid of 17.3.7.1 that says that if a commitment letter is issued and I loose my job afterward I loose my deposit.I am really afraid of this one

Sorry 18.3.7.1, all of 18 is the financial contingency

You need to provide denial letter. And also good faith that you did try your hardest to get the mortgage.

I'm not a lawyer but it doesn't sound like you have the right to walk away. If your lender has requested more information to process your loan application, I would think you need to make a good faith effort to provide it to them.

ali r.
{downtown broker]

Well they didn't request any additional info from me, they are requesting more info from coop.

I think I am correct and my lawyer agrees. The contract says clearly if a commitment letter is not issued 30 calendar days after October 20th the purchaser has a right to send a notice of cancellation within 5 business day after the commitment date.

I don't think that the seller would try to argue, since the contract is based on the board of coop approval anyway. Well I guess I just wanted to reaffirm myself.

I would hope you have a RE attorney who understands what the simple terms of the standard form contract state. This should be straight foward. The answer is squarely based on the law and the contract. I'd suggest not seeking that kind of legal advice or 2nd opinion here. You are just as likely to be misled as get good answers, and you won't know how to tell the difference.

If you need a second opinion, you are better off spending $250 to have another attorney review the contract and give their thoughts...in any event, a denial letter is best rather than being accused of DK'ing the deal

Kylewest's and Apt_Boy's advice are what you should be following. Hopefully you didn't skimp on your lawyer and it is someone you feel you can trust, and then I would follow his or her instructions. Your lawyer is taking a lot of things into consideration; you're paying a lot for his advice, use it. (One thought I just had: the bank may not give you a denial letter per se, but maybe the latest copy of the commitment letter from them, dated today is enough. It will show clearly which items are not (yet) satisfied).

That said, in the NYC housing market right now I would be surprised if it isn't common for it to take more than 30 days to get a fully cleared loan commitment letter.
My experience (i.e. anecdotal and very limited) was that it was considered routine to extend this deadline, even if it wasn't obvious to me when I read my contract.

or this reason
http://www.streeteasy.com/nyc/talk/discussion/555-i-want-to-void-the-contract-due-to-murder-in-apt