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Co-ops & Condominiums
Purchaser Entitled to Return of Downpayment When Co-Op Failed to Consent
Paradise v. Wood NYLJ 7/18/19, p. 21, col. 3 Supreme Ct., Westchester Cty (Ruderman, J.)
In co-op purchaser's action for return of her down payment, both parties moved for summary judgment. The court granted purchaser's motion, relying on the contract provision making the sale "subject to the unconditional consent of the [cooperative] Corporation," consent which the corporation did not provide.
Purchaser contracted to buy the subject apartment for $220,000, and paid a deposit of $22,000. The contract made the sale subject to the co-op corporation's consent. Although purchaser contracted to buy the apartment in her own name, she bought it for use by her parents. When she informed the co-op corporation of her intention, the co-op corporation indicated that it would approve the sale only if her parents' names were added to the lease and the stock certificates. Purchaser was unwilling to comply with the condition, and demanded return of her down payment. When seller refused to return the down payment, purchaser brought this action.
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