deposits after board rejection

I haven't seen that specifically but coop contracts are contingent on board approval, so your contract will be cancelled and you should get your deposit back.

And no, it doesn't matter what the reason is, whether they (the board) tell you or not.

This is the clause from a standard co-op contract

6.1 This sale is subject to the unconditional consent of the Corporation.
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6.3 ... if such consent is refused at any time, either Party may cancel this Contract by Notice. In the event of cancellation pursuant to this paragraph 6.3, the Escrowee shall refund the Contract Deposit to Purchaser.

This is why we generally avoid coops for their slightly freer big brother, the condo. You want to buy a piece of real estate (which you are not buying when you buy a coop), and there are a group of bozos sitting around a table, looking at your financial details deciding if they want you, and who knows maybe they just dont like your face.... think about that.

I believe you could put your escrow deposit at risk if you "threw" the interview. Meaning you decided you did not want the apartment and intentionally failed the interview. It is also important that you complete the board package honestly, especially when it comes to your financial statement.

http://therealdeal.com/blog/2012/06/11/court-reverse-course-in-case-of-flunked-co-op-interview/

Maybe one of the attorneys can chime in here.

Keith Burkhardt
TBG

@Gcondo .. I live it when these COOP HUMPERS try to tell you that they only reason you are rejected is because of your financials. Im like {BULLSHITMUDAPHUKA}

I meant love it

For the record, we NEVER give a reason for rejections.

MIBNYC wants to pass a law that would require you to give a reason.

Having lived in both, and done board service for both, I actually prefer NYC co-ops to condos.

@MATT ... I know you MUDAPHUKAS NEVER GIVES REASONS.Thats the excuses you punks give on these BOARDS.

And 99.98% of the time, it IS financials.

Would i expect to admit to anything else ??

Can a Condo ever reject a buyer?

Only if they have the $$$ and the intent to buy the unit themselves.

Or if they can find another buyer they like better, who'll match or better the contract price.

Only if they have the $$$ and the intent to buy the unit themselves. <<< MATT

Thats what they should make COOP boards do. Oh .. you rejected me cuz i look like a MOOK ? BUY THE UNIT YOSELF MUDAPHUKA !!

Gee MIBNYC. You sound like you were rejected by a co-op.

@ TomJones ... Nope. Townhouse :)

You were rejected in a townhouse purchase?!?