I started looking at apt since Nov 2009, finally find this apartment I wanted and completed board package on 3/8 which include signed lease. Was interviewed last Wed with no issues, told by Board president I can move in on Friday. Friday afternoon got the call from my realtor mentioning complications - The coop is requiring the mortgage bank either to approve the sublease in writing, or... [more]
I started looking at apt since Nov 2009, finally find this apartment I wanted and completed board package on 3/8 which include signed lease. Was interviewed last Wed with no issues, told by Board president I can move in on Friday. Friday afternoon got the call from my realtor mentioning complications - The coop is requiring the mortgage bank either to approve the sublease in writing, or alternatively for the owner to put 12 months of maintenance in escrow. The owner is unable to obtain the former and is refusing to do the latter. To help with the situation, I’ve offered to pay the year’s worth of rent up front but the owner has refused that as well and said the deal is off. I was expected to move on Tuesday (in 2 days) with everything pack and nowhere to go, as well as sustain financial losses (app fee, credit check, opportunity cost on apartments as rents gonna get higher etc., personal moving arrangement, etc. ).
I have logged 10 hours of apartment hunting this weekend trying find something new but rather this can change. I have seen way too many apartments to look further more.
Here are the 2 statements re approval/contract legality. I am questioning whether the owner performs #2 according to the contract.
"If the Landlord's consent to the Sublease is required, this consent must be received within days. from the date of this Sublease If the Landlord's consent is not received within this time, the Sublease will be void. In such event all parties are automatically released and all payment refunded to you the undertenant."
"The subtenant and overtenent/owner agree to do everything necessary, in a timely manner, to fulfill the board's requirements for obtaining approval of this sublease."
My realtor recommends to move on. As interestingly enough, the unit is back on the market today as sale, which the owner wanted to do previously as well. But it is also listed as in contract in combination with the unit below to be sold as a combined unit, which the owner also owns. I know the contract for the unit below is for sure in contract. Something is not quite right here.
Any recommended actions?
[less]
