Lisa Hogan, Renter in New York, NY

If we have been approved to buy a condo and the owner has not filed the proper paper work?

Asked by Lisa Hogan, New York, NY Sun Dec 2, 2007

Owner has not filed all the correct papers. We are sending a time is of the essence letter. Why would anyone put something on the market if they weren't ready to sell?

Help the community by answering this question:

+ web reference
Web reference:

Answers

3
Marc Paolella, Agent, Succasunna, NJ
Sun Dec 2, 2007
BEST ANSWER
Hi Lisa,

Procrastinating or unresponsive sellers are very common. You usually have to get your attorney to be proactive in a case like this. Letters are fine, but I would also instruct my agent to call the management, find out precisely what papers have not been filed, get blank copies, and hand deliver them to the seller at dinnertime. I wouldn't be bashful. As agents, we are sometimes required to become bulldogs and cut through red tape.
Web Reference:  http://www.marcpaolella.com
1 vote
Lorie Gould, Agent, Duluth, GA
Sun Dec 2, 2007
Lisa... I have seen it happen. It could be that the seller thought it would take longer to sell than it actually took.

But I will tell you that can have remorse just as buyers can have remorse. I am not sure if you are using an agent or if you are dealing directly with the seller. Sending the letter will be good... I am hoping you have someone representing you. Just remember that this is an emotional time for the seller also; however, they still need to abide by the contract.
1 vote
Chris, , Jersey City, NJ
Tue Dec 18, 2007
Hi,

As someone who has dealt directly with this you can send a time of the essence letter but as a buyer the only option you will have is to walk away from the contract or wait until the seller receives the approvals from the Department of Community Affairs which handles condo conversion in NJ. If there are more than 10 units in the buiding it could take up to 6 months to a year and for less than 10 units at a minimum of 60 days.

The seller cannot transfer the unit until the conversion is compelete and all necessary insurance has been obtained also remember than once the conversion is complete you will also need to wait another 1 week or more until the approvals have been filed with the city clerk in the form on an amended deed one master deed and then each unit would then have thier own deed, until that's done your title will not clear and your mortgage company would not close on the loan until all these conditions are satisfied.

So at this point you must decide is this the place for me do i like it and I am getting a good deal and I am willing to wait until the conversion is complete I would also propose you ask your attorney to obtain the file number from the seller and CALL the NJ DCA and ask them how far along the application is this would give you an idea of how long you wil have to wait

good luck
chris
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more