Dear New York Condo Buyer:
I take it the Sponsor has not closed on any purchase contracts. In New York State, all the terms relating to the offering of units in a condominium are stated in an offering plan. The plan details the procedure to purchase and the obligation of the Sponsor to close on each properly submitted purchase. Since you are not alone with this problem, it is likely the New York State Attorney General, Real Estate Finance Bureau may help you as well as other waiting purchasers.
If this development is going down you would want to cash out before the developer goes into bankruptcy.
The answer provided to you is in the nature of general information. The general proposition being that you should try to avoid a bad outcome if you can.
Possibly. The answer will depend on what your contract says about it and what damages if any you have incurred as a result. Unfortunately, most contracts would provide that your only recourse would be to cancel the contract and receive your down payment back. I presume you were represented when you signed the contract. I suggest you speak with the attorney who represented you at the time. If you were not represented then contact an attorney to have your contract reviewed.
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It all depends on the terms in the contract. You may have a right to compel the developer to close title. The lawsuit is based in "specific performance", whereby the law deems each
Are lie of real estate to be unique. Therefore, the only way to make you "whole" is to,have the court compel the conveyance.
The responses provided to your questions are not legal advice, do not create any attorney client relationship, and are provided for informational purposes only.