Hello, I specialize in co-ops and co-op boards do have the right to reject you for this reason and for much anything else and they do no have to tell you why they reject you either. The board has control to reject you if they want. Also, the co-op board usually states in their application that the fee is non-refundable no matter what the outcome.

I hope I answered your question.

Rhonda Holt
Licensed Agent - Specializing in Co-op & Home Sales
Awarded 1st Place in Sales for 2008 and 2009
Weichert Realtors, H.P Greenfield

Hello Danny,

Well one thing is for sure, you will never do that again going forward. When you say deposit are you referring to board fees (which are typically non-refundable)or contract deposit which unless stated in in the contract should typically be refundable if you are turned down by the coop board. Your attorney should never have let you go into a contract that states that the contract deposit is non refundable.If you need a good real estate attorney I can recommend a few. Good Luck!

Danny,
Are you in Brooklyn, New York or Brooklyn, Ohio?
In New York State you need an attorney to go to contract.
It's always better to tell the truth!

Danny,

Check your documents.....the destiny of an unsuccessful application should be clearly stated.
If in doubt, contact an attorney for their advice.....then that could cost you more than the refund or add yet more to a bad investment.

Good luck

You probably should hire an attorney to review your contract (and any addenda and exhibits); nevertheless, you'll most likely end up forfeiting your deposit if you didn't add a clause to your contract or addendum to protect your deposit, before you signed that contract.

Co-op Depoits are generally none refundable.