Expert: Hans Weber, Licensed Broker Associate - 7/30/2007

Question
We entered into a contract with the sellers to buy a coop apartment in Queens back in April, on the contract a closing date of June 29th was stated.  Since signing the contract the sellers and their agent have been all over us to get all the paper work in as fast as possible so we could close on time.  Well now they are not ready to close and it is nearly August.  The lease in our current apartment ends Aug. 30 and there are already renters lined up to move in.


I had my attorney send a Time of the Essence letter when the delays first began in early July. Is there anything else I can do to try and move the process along?  What are my options as far as walking away and getting my deposit back?

Answer
Hi Chris,


Thank you for your question.

They may have trouble with the place they are moving to.

It sounds like have have done the right thing by having your attorney send time of the essence letters to start.  But in New York the buyers and sellers sign a contract that states on or about June 29th which gives both sides a free 30 day window to close, which you are just finishing.  So you may be closing today??!!

I assume you have had your mortgage approved and passed the board approval?

If they are unwilling to set a closing date and you have a valid contract you have to pursue them in court to perform the contract's terms.

Other than that you can wait or ask them to refund your escrow deposit and you can move on.

Good luck and enjoy your new home.  You should be in any day now.

Hans