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Posted by Sherri on April 17, 2000 at 18:23:22:

I have a complicated issue. I was in the market to purchase a coop. I found a coop through a broker. The owner was under contract with another broker so in the interim decided so that he wouldn't lose money to rent the apartment to me until his contract terminated with the other broker. I agreed. I moved in and had my attorney draw up a contract stating that I would purchase the apartment within 6 months.

The owner, my broker nor the attorneys informed me that the cooperatives underlying mortgage is in jeopardy (bankruptcy). Now they are trying to force me to sign the contract and purchase the coop by week end or vacate the premises. Now keep in mind I signed a 1-year lease that the owner is now saying that it's null and void and he wants me to adhere to the new lease (that has not been signed) stating that if I do not purchase within 6 months that I will vacate the premises.


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