The following case happened to me: I decided to buy an apartment in a coop 6 month ago that was promoted by a reputable realtor. During the process it appeared that the apartment didn't really exist on paper as it was established through division of another apartment 25 years ago. Obviously without filing or board approval. The apartment was also offered with exclusive roof rights which didn't... [more]
The following case happened to me: I decided to buy an apartment in a coop 6 month ago that was promoted by a reputable realtor. During the process it appeared that the apartment didn't really exist on paper as it was established through division of another apartment 25 years ago. Obviously without filing or board approval. The apartment was also offered with exclusive roof rights which didn't exist. To tell a long story short, the apartment is still not saleable. However, during the process I spend money for an appraisal, for my attorney and an architectural preview. Finally, I decided to cancel the contract. I wonder now if the realtor is responsible for promoting an apartment that can't be sold within a reasonable time period. I acted in good faith and, thus, thought that the realtor did a due diligence on the apartment before promoting it. Is there a chance that I get my money from the realtor or from the seller? Many thanks for any kind advise how to tackle this.
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
Hmmm....which $$ are we talking about here? Your deposit? Did you sign the contract already? In my experience the due dilligence should be performed BEFORE the contract is signed, and the RE apprisal isn't done until there's a signed contract. Your attorney should have advised you accordingly.
As for the legalities, I'm no expert...anyone else out there?
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
I believe the realtor is reliant on the seller representations. They can only so much due diligence. The issues you raised was not caught by your lawyer before you sign, so how can you expect the broker to catch it. You can go after the seller, especially if you signed a contract that states all these items. At the same time, why bother. The market has come down, and you are in a much better position, i.e. buyer markets. I hope you got the interest on the deposit; this should go to you.
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
Your attorney should have been the one responsible for performing the due dilligence, that's their job. Don't rely on the realtor's word - they're just trying to make a sale. The due dilly would have likely exposed many of these issues before you signed the contract. As for recourse you should consult with a reputable attorney.
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Hmmm....which $$ are we talking about here? Your deposit? Did you sign the contract already? In my experience the due dilligence should be performed BEFORE the contract is signed, and the RE apprisal isn't done until there's a signed contract. Your attorney should have advised you accordingly.
As for the legalities, I'm no expert...anyone else out there?
I believe the realtor is reliant on the seller representations. They can only so much due diligence. The issues you raised was not caught by your lawyer before you sign, so how can you expect the broker to catch it. You can go after the seller, especially if you signed a contract that states all these items. At the same time, why bother. The market has come down, and you are in a much better position, i.e. buyer markets. I hope you got the interest on the deposit; this should go to you.
Your attorney should have been the one responsible for performing the due dilligence, that's their job. Don't rely on the realtor's word - they're just trying to make a sale. The due dilly would have likely exposed many of these issues before you signed the contract. As for recourse you should consult with a reputable attorney.