QUESTION
The buyer of my coop signed the contract, payed down payment, met the board, delays going further says is "under medical care monitored for strokes".
Asked on Dec 08th, 2014 on Residential Real Estate - New York
More details to this question:
How long I have to wait for the buyer? How I can retain the down payment if the buyer is looking now for a "loophole", to take it back and to do not close the sale? I think the buyer is laying, in order to find a way to take the down payment back. I have already lost a lot of money. How long should I wait for the delaying buyer, which I think is malicious one? I have been waiting a month already. Thank You, Kind regards, Neil
1 ANSWER
Mediation Attorney serving New York, NY
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Gallet Dreyer & Berkey, LLP
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Hi Neil,
Generally speaking, a closing may be adjourned for a reasonable time, which is interpretted in most instances as 30 days. I would recommend having an attorney draft a "time of the essence" letter to move the process along. Feel free to contact me if you would like to discuss this further.
Regards,
Adam
ajb@gdblaw.com
Answered on Jan 06th, 2015 at 7:33 AM