Yeah, don't "gabble with it." Call your attorney. (Accurate spelling should be mandatory for snarky comments--othewise don't bother)

Posted by: realestateconfidential at July 8, 2009 5:46 AM in response to Neighbor Tearing My Wall!

ALSO, BEWARE that if you are buying the property for 983K-999K, the fact that you are paying the additional consideratnion for the transfer taxes will put you above the million dollar threshold and you will then be responsible for also paying the mansion tax.

Posted by: realestateconfidential at July 2, 2009 7:25 AM in response to Transfer Tax/New Construction?

You cannot cancel the contact and get your down payment back at this point.

You do not mention whether this is a co-op or condo, but I am assuming that if it is a co-op you already have board approval or if it is a condo the board has already submitted the waiver.The "on or before" phraseolgy is a little bit of a gray area BUT

The "on or before" phraseolgy is a little bit of a gray area BUT

You should advise the attorney that you want him or her to serve a time of the essence notice for a july 24th closing TODAY upon the seller's attorney. In that notice your attorney should indicate that not only will the sellers be responsible for damages (ie: paying your accomodations, moving fees, etc) but that you will have the option to hold the sellers in default if they don't close by July 24 and subsequently be entitled to your down payment back.

YOu are paying all-cash and you have to make the sellers feel like they may lose this deal and spoil all of their plans if they don't get their s**t together to get out in time.

Posted by: realestateconfidential at July 2, 2009 7:03 AM in response to If Closing Date is Postponed?

There are lots of short term rentals available right now in Manhattan since the rental market is so bad.

Why not have your moving company put your stuff in storage and rent a furnished rental or find a short term sublet for the extra month?

Sure you're being inconvenienced, but you won't be out of pocket that much money. I bet you could even cut a deal with a hotel (vacancy rates have soared) and not have to even make your own bed for an entire month.

Posted by: IronBalls at July 2, 2009 7:38 AM in response to If Closing Date is Postponed?

Have your lawyer try to negotiate for the seller to pay YOU to stay somewhere during the time between 7/24 and actual closing. Apparently some of the other posters don't understand your question, but southslope & slopefarm are correct, you can't back out because of this

Posted by: daveinbedstuy at July 2, 2009 8:09 AM in response to If Closing Date is Postponed?

Many thanks to all who so kindly replied. Yes, I am a first-time homebuyer. No, my lawyer didn't tell me upfront. And yes, I asked him to do the time of essence notice. Thank you all again!

Posted by: vesnaspring at July 2, 2009 9:46 AM in response to If Closing Date is Postponed?

You said "My landlord will not renew my lease for only one month"

And if you don't move out on time? What will happen? Eviction proceedings take months.

If you a really in a bind have a talk with your landlord - don't just take 'no' for an answer - offer a bit more than a standard one month rent for a one month extension.

If all else fails, play hard-ball!

Posted by: SenatorStreet at July 2, 2009 9:50 AM in response to If Closing Date is Postponed?

I'm with SenatorStreet. You've been put in an unfortunate situation that you unfortunately will have to "pay forward" to your landlord, whether he likes it or not. Homelessness is not an option!

Tell him kindly that you will be staying for another month and will be paying him for it in usual fashion. Then make sure the sellers pay for your time accordingly.

Posted by: feral at July 2, 2009 12:22 PM in response to If Closing Date is Postponed?

They can even get another 30 days out of it for a total of 60 days in NY. 30 days from the closing date and then you can issue a time of the essence closing which gives another 30 days. It's unfortunate but these things happen more often then you think.

Good luck, there are a lot of short term rentals out there.

Posted by: Adam Incognito at July 2, 2009 1:01 PM in response to If Closing Date is Postponed?

Sending a time of the essence letter now has no legal effect at all - zero - and if your contract has an "on or about" closing date, then you'll have to wait until August 24 to declare time is of the essence. Also, you can not seek rent and/or carrying costs unless you have in fact purchased the property, and the former owner is still living there whether purcuant to a post-closinf possession agreement or otherwise. Your lawyer screwed up by failing to tell you that unless the contract has a time of essence clause, a closing can be adjourned up to 30 days without repercussions.

Posted by: jnjnjn2 at July 2, 2009 1:20 PM in response to If Closing Date is Postponed?

We've been through the same thing recently."On or around" allows 30 days of wiggle room. "On or before" is a harder definition. It means there is a breach of contract if the closing does not happen within that time frame. Whoever delayed forfeits the deposit. So if your seller pushed past the "on or before" date you can step out of the deal and reclaim your deposit. Your lawyer should explain all this to you.

Posted by: marlowe at July 2, 2009 8:10 PM in response to If Closing Date is Postponed?

If the neighbor is not doing work within the party wall itself, you are probably OK. It's not uncommon to hear some mortar and/or plaster fall in those spaces whenever any work is being done.

If however, the work (egress door) is being constructed right at the property line then I'd be more concerned. If he is removing part of his foundation at that point then there could be ramifications to the integrity of the party wall. If that's the case, consult a lawyer.

If you yourself have noe potential issues with the DOB, then you might want to get them involved. Just be aware that once you open your front door to the DOB, that may effect you and anything they see that has been done in your house as well. Best to make sure they don't come in at all and, if it gets to this, only visit your neighbor's property (as long as you don't have an illegal deck or something as well).

Posted by: daveinbedstuy at July 8, 2009 8:33 AM in response to Neighbor Tearing My Wall!

Way too many syllables to be a haiku.

Posted by: altervoce at July 8, 2009 9:43 AM in response to Neighbor Tearing My Wall!