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#1
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Co-op board approval
When putting in an application to a co-op for board approval, I have
seen one of the requirements as being the actual contract of sale. Does this contract of sale need to be signed? I am interested in knowing since a signed contract would require that I pay up legal fees before hand, and could present a downside risk on making the purchase since if the board does not allow the approval to go through, then legal fees consumate the loss on the deal. Does anyone have any information on this and/or perhaps any pointers to tips on how the whole purchase/sale process works, specifically with co-ops. |
#2
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On 19 Dec 2004 11:20:33 -0800, someone wrote:
When putting in an application to a co-op for board approval, I have seen one of the requirements as being the actual contract of sale. Does this contract of sale need to be signed? Well, its not an "actual" contract between the buyer and the seller unless its been signed, so technically you've answered your own question. Until its been signed its just a 'proposed' contract, not an actual one. This is a question rare outside of New York City, as in other parts of the US condominiums are much more commonn that cooperatives. In life in general, incurring legal fees on failed deals is not at all uncommon, so that would just be too damn bad if it didn't go thru. Oh well. You pays yer money and you takes yer chances. There is no complete safety of assurance in the world. Reply to NG only - this e.mail address goes to a kill file. |
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