Purchase Contract Questions (help!)
Backstory: Am buying a place, haven’t done so in NYC before, let alone done a condo purchase, so I’m just not sure what’s standard language.
Yes, I am working with an attorney, but I have been given loads of good advice from you folks and I would feel better knowing that these particular terms (that the atty says aren’t usually negotiable) are actually common and not things I should be stressing about:
-Resale of the unit: Sponsor is asking for right of first refusal – that we will give them first dibs on purchasing the unit. If normal, is there a standard term length for notifying them of the pending sale and receiving their response?
-Damage to the unit before closing: If there is significant damage (“fire or other casualty”), seller can resolve in a “reasonable amount of time”
and it won’t void our contract. Now, we have a walk away date so that we’re not waiting indefinitely to close, but is the Damage clause legit?
-If we do walk away, within our rights, are we entitled to interest on the deposit?
Thanks, Brownstoners!
