You thought closing the deal on your apartment was tough. This one is deadly.
A New York woman lost her downpayment on a pricey Park Avenue pad as she failed to close the deal because she died amidst proceedings of the contract. Since she didn’t pen in a clause cancelling the purchase in case of death, her heirs are not getting that money back.
The Real Deal: “Glen Altman was in contract to buy a co-op for $2.3 million at 1150 Park Avenue, between 91st and 92nd streets, and paid a $230,000 down payment. She was approved by the board, but before closing on the unit, she passed away.
Altman’s estate wanted the down payment to be returned, but the Manhattan Supreme Court ruled that the seller could keep the money.
Ira Matetsky, an attorney at the law firm Gafner & Shore, who was not involved with the lawsuit but wrote about it in his firm’s newsletter, said the seller won the suit because there was no provision in the contract stating that if the buyer died, the contract could be broken.”
The law is the law, but the co-op board has even more stringent rules. Altman’s grieving family could not even go foward with the purchase because they did not submit an application requesting the co-op board’s consideration.
“Matetsky the attorney said, however, that typically a co-op board — which has stringent requirements for approval — would not allow an estate to buy a unit as it wouldn’t know who from the estate would move in.”
She seemed like a nice lady. But, please, ghost of Mrs. Altman, will you haunt these people?
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