Q: Is this all legal?
We signed a $1.3M contract for a condo in a 4-unit Brownstone in BKLYN/Park Slope in 06/2015 (latest closing date, Sept. 15th). By mid-Oct. the sponsor hadn’t initiated having the condo declaration & by-laws approved and recorded, and thus couldn’t even sell. The other buyers droped out but we were reassured that the sponsor would submit the documents, and after approval, market the other units so that we could complete our purchase. The condo declaration has now been approved, but the sponsor changed his plans: the other units will be rented instead. Mortgage lenders, including ours, won’t lend if only 1 unit is sold and the rest rented. The sponsor’s decision means that we must withdraw from the purchase. The Park Slope market has moved up, and we will now have to pay much more for an equivalent apt. We signed a contract under one set of conditions, the sponsor wasn’t able to sell at the agreed time and his decisions will now force us to withdraw from the purchase.
A: Review the related contracts with a lawyer. That will guide the analysis. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website. I practice law in CA, NY, MA, and DC in the following areas of law: Business & Contracts, Criminal Defense, Divorce & Child Custody, and Education Law. This answer does not constitute legal advice; make any predictions, guarantees, or warranties; or create any Attorney-Client relationship.
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