Hello, Re-posting this under correct title.. We are about to purchase a coop in the UWS. When we went into contract in Feb, the seller told us that the tenant's lease will end in April. In mid April, we received a loan comittment letter from the bank which expires on 5/28 (need to close prior to 5/28). Since 5/27 is holiday, this means we need to close by 5/24, Friday. Now we just found out that... [more]
Hello,
Re-posting this under correct title..
We are about to purchase a coop in the UWS. When we went into contract in Feb, the seller told us that the tenant's lease will end in April. In mid April, we received a loan comittment letter from the bank which expires on 5/28 (need to close prior to 5/28). Since 5/27 is holiday, this means we need to close by 5/24, Friday.
Now we just found out that the tenant has extended her lease, and that she would not move until 5/24. We have already passed the board approval last week, and would have been able to close much earlier than that, had she moved out in April as initially promised. Now we have to close on the day she moves, or worse, may not close at all if the schedule doesn't work for somebody (attorneys, management, escow agent?, etc). If we don't close in time, there will be additional paperwork and possible fee. What infuriates me is that this whole thing is eating into our (preciouse) renovation time.
Is the seller allowed to do this without our consent? Can we charge them for the expenses we pay because of the delay?
thank you
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Response by Ottawanyc
about 13 years ago
Posts: 842
Member since: Aug 2011
Buying/selling home is one of most stressful things people can do. You seem stressed. It will be fine.
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Response by pistachio
about 13 years ago
Posts: 16
Member since: Feb 2010
thanks Ottawanyc!
Grown adult here, and I wanna cry like a child..
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Response by kharby2
about 13 years ago
Posts: 279
Member since: Oct 2009
One thing, I would do the walk-through the day of the closing to make very sure the unit is vacant.
Everything that happens sounds pretty normal from here, if that helps (which I realize it probably doesn't).
A delayed closing by a day or two is unlikely to cost you any real money. If it does, I would ask to be compensated at the closing table (but don't wait until then to bring up the issue.)
I would dog my attorney to make sure they keep track of things.
The landlord did the tenant a favor (and got another month's rent). You didn't get board approval until last week. My attorney friends would call the damages de minimis.
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Response by ab_11218
about 13 years ago
Posts: 2017
Member since: May 2009
i would strongly advise to schedule the closing in the afternoon and do a walkthrough just prior. if the tenant has not moved yet, i would ask for some money in escrow.
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Response by nyc_sport
about 13 years ago
Posts: 820
Member since: Jan 2009
If the unit was owner-occupied, the owner would not need to leave until the moment of the closing. As Ottawa aptly noted, a lot of little things are likely to seem terribly important between now and May 24. In 6 months, you will forget that they ever happened. And, take AB's advice to get some escrow hold if the place is not vacant before closing.
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Response by pistachio
about 13 years ago
Posts: 16
Member since: Feb 2010
Thank you everyone.
There has been delays throughout the whole process, and we've been in stress mode for 3 month. But we let our guards down when we finally passed the board and locked in the loan rate. Probably that's why this one last delay/hurdle is so hard to deal with emotionally.. I appreciate you putting things in perspective for me.. :-)
Buying/selling home is one of most stressful things people can do. You seem stressed. It will be fine.
thanks Ottawanyc!
Grown adult here, and I wanna cry like a child..
One thing, I would do the walk-through the day of the closing to make very sure the unit is vacant.
Everything that happens sounds pretty normal from here, if that helps (which I realize it probably doesn't).
A delayed closing by a day or two is unlikely to cost you any real money. If it does, I would ask to be compensated at the closing table (but don't wait until then to bring up the issue.)
I would dog my attorney to make sure they keep track of things.
The landlord did the tenant a favor (and got another month's rent). You didn't get board approval until last week. My attorney friends would call the damages de minimis.
i would strongly advise to schedule the closing in the afternoon and do a walkthrough just prior. if the tenant has not moved yet, i would ask for some money in escrow.
If the unit was owner-occupied, the owner would not need to leave until the moment of the closing. As Ottawa aptly noted, a lot of little things are likely to seem terribly important between now and May 24. In 6 months, you will forget that they ever happened. And, take AB's advice to get some escrow hold if the place is not vacant before closing.
Thank you everyone.
There has been delays throughout the whole process, and we've been in stress mode for 3 month. But we let our guards down when we finally passed the board and locked in the loan rate. Probably that's why this one last delay/hurdle is so hard to deal with emotionally.. I appreciate you putting things in perspective for me.. :-)