The Verbal Offer and the Acceptance: Not a Legal Binding Contract!
The good news has just been delivered to you by the Broker/Seller that your “offer” that you placed in verbally (maybe via email) has been accepted. You are rightfully excited. You have a deal! But Stop: More needs to be done. If you are reading this most likely you may have received what is commonly known as an accepted “offer.” The Seller itself or via the Seller’s Broker has agreed to your purchase price. The Brokers involved in the transaction are asking you now for your Attorney information; the pressure is on. Many people at this stage may have an Attorney. Hopefully the Attorney is well versed in New York Cooperative law as really at this point the legal process has only just begun.Do not worry or be concerned, as you should know two things. First, you do not {should not} yet have a formal binding contract and second, that all involved know or should know that this is really just the very beginning of your exciting journey into Cooperative ownership. In particular, you need to perform what is known as “due diligence” on the Building/Cooperative/Unit. This is where Kishner & Miller will be assisting/guiding the process for you. As such, please immediately call us so we may start helping you make the true determination to ensure that what you think your are purchasing is really what you have bargained for. To sign a Contract without engaging in Due Diligence is gambling. Too much is at risk and Kishner & Miller wants to ensure that you know what you are purchasing.