Is it normal for a law firm to pressure a client to sign a contract on a condo, before they have all of the financial info, from the management company? If the management company is so nonresponsive as not to provide requested information to the lawfirm (a large lawfirm), is there any reason to think that the stated timelines will be met? The seller is antsy, I am ready, all cash, yet we cannot... [more]
Is it normal for a law firm to pressure a client to sign a contract on a condo, before they have all of the financial info, from the management company? If the management company is so nonresponsive as not to provide requested information to the lawfirm (a large lawfirm), is there any reason to think that the stated timelines will be met?
The seller is antsy, I am ready, all cash, yet we cannot even seem to get the RESERVE FUND AMOUNT, as an example. lawyer is pressuring for my deposit. seller wanted an APRIL 30 ON OR ABOUT, on a contract that was still undergoing changes as of three days ago. Condo board can take 30 days, after condo management turns it over to them. I have 10 days to get the package in, which I will.
Seller rejected new on or about date which both lawyers agreed to. he wants to move it up to may 15. If the condo management company seemed to be functioning in a legitimate way, that might be feasible, reasonable. But if in over a week , they can't even come through with reserve numbers, et al, it's a stretch to believe that they will process my package on time.
comments? (other than, forget this purchase) highly appreciated.
thanks.
Front porch??
If the on or about date is breached due to no fault of the purchaser (me) could I be liable legally, and if so, how?
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Response by front_porch
almost 14 years ago
Posts: 5321
Member since: Mar 2008
Gaongaon,
April 30 on or about is obviously aggressive in a world in which the package can't go in before April 23 (3 days ago + 10 days) and the board has the right to take 30. That could put you at May 23 before you have approval, and even if you don't have a mortgage, you have to get a bunch of lawyers in a room, and, duh, Memorial Day weekend.
If you want add'l thoughts, write me tomorrow at my work email ali {at} dgneary {dot} com and we can talk. Please put "streeteasy" in the subject line so I can find it.
Gaongaon,
April 30 on or about is obviously aggressive in a world in which the package can't go in before April 23 (3 days ago + 10 days) and the board has the right to take 30. That could put you at May 23 before you have approval, and even if you don't have a mortgage, you have to get a bunch of lawyers in a room, and, duh, Memorial Day weekend.
If you want add'l thoughts, write me tomorrow at my work email ali {at} dgneary {dot} com and we can talk. Please put "streeteasy" in the subject line so I can find it.