getting out of contract

You have to give more information.

not getting board approval or not getting loan commitment are only things that come to mind

You can only get out of contract for late delivery based on the time line the contract states. Usually this is anywhere from 12-24 months from date of signing. Can't get out of contract for failing to get a loan unless sale is contingent based on a loan commitment.

You can get out of contract if there is an explicit loan contingency stated in the contract.

sorry - yes, if the contract and deal is contigent upon you getting financing, you CAN get out if you cant secure a loan. Most deals are done this way. Im not hearing of many no finance contingency deals right now.

I still say the question is incomplete. Is this unbuilt new construction? A coop resale? Was the "delivery" a condition subsequent to the closing where the seller was permitted to remain in the premises for a period of time and has become a holdover? "Promised delivery" is not a term of art I'm familiar with and what the poster means is not clear enough to make the question answerable.

You should hire an attorney. I don't like to get snippy but I'm assuming you have put down at least $100K (a pretty safe assumption in this city).

The developer/seller obviously has an attorney and doesn't want to give deposit back.

You are now posting on an anonymous message board trying to find out ways to back out of a signed contract. You are obviously not a sophisticated person when it comes to the workings of property sales. Why in the world would you think you will find a magic answer that will force the seller to give back your $$?

Definitely hir an attorney.

urbanddigs, I agreed to a no contingency clause when I bought my last co-op a few years ago - my lawyer said it was fine and kind of a moot point as a co-op board would never approve me unless I had financing... Maybe for condos it's more of an issue?

Thank you for your comments. I very much appreciate your answer. This is a new construction building in Chelsea. I was just wondering how to get out in order to possibly buy something different. I will, of course, hire an attorney to figure it out.
Mel: What gives you the right to call me "sophisticated" or not? What makes you sophisticated?

Again, thank you for your answer.

Mel, I agree with namane3 entirely. Many, many people signed contracts that seemed reasonable at the time, but in the disaster that has become new construction regretted it. How is it unsophisticated to be irritated at six month, one year, one and a half year and in some cases close to two year delays? Talk to the people at 25 Murray. Many of them probably had already sold their homes to buy the new space, how naive to think that they might have their homes within SOME reasonable time. You don't know how long namene3 has been waiting. I think, and hope, that some interesting new real estate law may spring forth from this.

Also, Mel, you are very free with your advice. Why wouldn't someone who reads this board try it out as an initial resource for ideas? When one goes to one's attorney, it certainly doesn't hurt to have some information, both anectdotal and factual. Once again, Mel, mitigation. And I think the law is pretty clear here, but if the development is a dud, the seller may not be able to mitigate so easily in this market. EVERYONE, get every financing contingency you can now. Many banks are not writing loans for buildings with less than 90% sold units. Many developments are not on banks "approved list."

Simple answer, what does your contract say?

No offense, but you need a better attorney, because I'm surprised you signed the contract without knowing the answer to when you could get out if something went awry. Heck I read my offering plan cover to cover, but I'm a little over the top.

Bring you pet rottweiler to the coop board interview, along with your bongos from band practice. Tell them you and the band love to host lots of wild parties and play rock and roll all night long. Dress in a purple fur coat, top hat, snake skin boots, too much Drakar and lots of gold chains. I have a feeling they will give you back your deposit before you leave the interview!

OP, your post is beyond fab, but unfortunately I don't think it will work for condos. Damn. That was the pause that refreshes. Maybe even the condos will relent with too much Drakar. Pile it on. Obsession for the chicks.