Closing in four days--Seller still showing apartment
I recently signed a contract for a Cobble Hill co-op unit. We are scheduled to close on Tuesday of next week. I just found out that even though we’re scheduled to close in 4 days, the seller has still not signed the contract (the “executed contract”). I was told that the seller will be signing…
I recently signed a contract for a Cobble Hill co-op unit. We are scheduled to close on Tuesday of next week. I just found out that even though we’re scheduled to close in 4 days, the seller has still not signed the contract (the “executed contract”). I was told that the seller will be signing the contract on Monday, the day before closing. I also just learned that the seller is having another open house this Sunday, just 2 days before we close.
I fully understand that a seller can and should continue to show his/her property until the buyer signs the contract, and for back-up offers, but in this case, I signed and returned the contract a while ago, and we’re supposed to be closing in a few days. Is this standard? Thank you.
Thanks for all the replies. I don’t want to get into more detail because I know sellers read this site. I am waiting to hear from my lawyer.
Hey folks. Don’t confuse this guy any more than he already is.
Last time I did one (a few months ago), there was no title guy at a co-op closing because there’s no title insurance. That’s only for condos. For a co-op, a simple search is run to make sure there are no claims on the shares attributable to the co-op unit being sold. REmember, co-op sales are transfers of shares in the co-op corp., not sales of real property.
What co-op board would approve someone without seeing a signed contract? This is a troll, folks, ignore.
Why would a co-op approve you with no contract? What kind of building is this? Why would they waste any of their time if there is no contract signed. Sounds very bizarre.
Hi Ysabelle, to clarify re the title search: I know the attorney does not do it himself but the buyer’s attorney does have to order it from the title company. If this guy is stupid enough to assure his client that a closing is set without a signed contract in hand, I’ll bet he was too lazy or incompetent to even order the title search.
Our title guy busted his butt at closing, especially when there were complications due to a truly inept seller’s attorney. We tipped and have no regrets. Just my experience, though; I know a lot of people have hot opinions about the tipping thang.
Back on track: BLT14, any updates?
Who is the lawyer as so no one uses them in the future? Also, they are trying to get a higher price. As an all cash deal, did you offer less than ask? Since co-op boards like all cash deals, they are more likely to approve the purchaser. This makes it easier on the seller and thus they would be more likely to take a lower price.
11:52 — But if you are a buyer in Brooklyn, the broker is not on your side, period. Even if we did have buyer’s brokers, as a simple matter of economic incentive, the broker is going to be loyal to the deal. A buyer’s broker would have no incentive to take or suggest actions that a client buyer might take to protect the buyer’s rights that might put the closing — and hence, the fee — at risk. That is why everyone above is right to focus on the need for your own, trustworthy, competent attorney with no ties to anyone else on the deal, and who, of course, is not the attorney recommended by the seller’s broker.
For all you broker bashers this is why you need a broker on your side. A broker would never let this happen.
Ysabelle, I just closed a few months ago, I will say that of the 7 or so people at closing, the title guy was the only one that really did anything. In fact he was zipping through paperwork, instructing everyone, recording everything etc…The guy was pratically breaking a sweat for the whole 2 or so hours we were there.
As far as how much he earns, I couldnt tell you, but we really didnt mind the $150 or so tip that was obligatory and appreciated his hard and accurate work.