Asked by Home_buyer, Edison, NJ • Mon Jul 9, 2012
I am buying a Coop. Last month, when i submit my mortgage application, the building was in the approved list of lender. Now lender is saying approval was expired in June 2012 and coop building need to re-approved. To get this done lender is asking co-op board to provide "Managing agent rider" of which co-op dose not have coverage included in insurance. Lender is saying they can't release final loan commitment until co-op has managing agent rider included.
Q1 Is managing agent rider mandatory for co-ops? or its coop decision?
Q2 If they dont take this coverage and lender wont clear the loan then what would happen to my contract and initial deposit money?
Q3 does the sale contract null and void if we are unable to close on stated date in contract? 30th of this month.
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