Can you cancel a co-op contract before the closing date ?
2019-07-13 3:41 am
So my friend decided that he no longer wants the co op. He has to move immediately and it is still not ready. He gave them a deposit but he didn't sign any closing date papers. Can he still back up and get his money back?
回答 (8)
2019-07-13 3:51 am
He will likely forfeit his deposit. Depending on the wording of the contract, he may also be held liable for breach of conract and any cost associated with such.
2019-07-13 4:32 am
You'd have to read the contract to find the cancellation clause. The deposit may have been non-refundable, partially refundable, or completely refundable. Does the contract state a completion date? If it does and they have not completed it, he may be able to get out from under it completely.
2019-07-13 4:00 am
Read the contract itis legally enforcable and your 'friend' needs to understand his/her legal liabilty, at the very least your 'friend will not get their money back, there may be a buy out clause in the contract, ( read and see) if not then your 'friend' is obligated to the terms of the contract for the full time of the contract
2019-07-13 3:43 am
I have no idea what one is. iN The us, co-ops are participating credit unions that let you share branches.
generally, deposits are non refundable. They are to bind you to a deal.
generally, deposits are non refundable. They are to bind you to a deal.
2019-07-15 3:00 am
of course not. He has a legal contract to purchase and has agreed to close.
Tell your friend to talk with a lawyer ASAP.
Tell your friend to talk with a lawyer ASAP.
2019-07-14 5:28 am
As others have said, the contract is the guiding document. You say the co-op 'is not ready' which implies that he cannot close through no fault of his own. That may be his get out of jail card.
Otherwise, he might try a trick that can work; co-op contracts have to be written that they are subject to board approval of the buyer and his finances. This process includes a face to face interview. It is not that hard to make yourself unattractive enough to be declined.
Otherwise, he might try a trick that can work; co-op contracts have to be written that they are subject to board approval of the buyer and his finances. This process includes a face to face interview. It is not that hard to make yourself unattractive enough to be declined.
參考: I was a co-op board treasurer
2019-07-13 2:41 pm
He can back out but will not get his deposit back.
2019-07-13 3:52 am
Not having seen the sales contract, no one here can be sure. Usually, however, the sales contract will say that if the buyer backs out he/she forfeits the deposit (it acts as a deterrent since the seller lost money taking the unit off the market). In a worst case scenario, your friend can get sued by the seller and a court may rule he has to follow through. It takes both sides to change or cancel a contract. Closing date papers are irrelevant - it is teh sales contract that is paramount.
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