fast contract signing?

check out this thread and you'll understand.

http://www.streeteasy.com/nyc/talk/discussion/8861-walking-away-from-rental

Well, it depends. If your offer has just been accepted, I imagine a contract has not yet been drawn up. That will take a few days. Then each side has to have time to review and agree on the contract.

Also, you will need to have your attorney do due diligence on the building BEFORE signing. That can take some time as well, especially since it generally requires an appointment.

Bottom line--if it's too fast for you and your attorney, it is too fast. Period.

i would completely agree -- don't do anything that you are not comfortable with but understand the reason they want a fast contract is that they don't believe that they have a real deal until they have a contract. so, if you're ok with them continuing to show it; take your time. unless you are getting an incredible deal, seems unlikely that anyone else will come along in the interim but if that's the case, why are you willing to purchase?

oh well, not sure i really get this anymore.

i do think we're purchasing a little early but since we've seen tons of apartments in the past year, this is the first one we both love. plus it's a good deal for the location and the size. so...we're willing to risk it. they're giving us the docs on monday and expect us to do due diligence, inspection all within a week. it seems like not enough time...

Yeah, they will continue to show for back-up, but that would be the case whether the contract's on the fast-track or not (they're probably showing it right now, as we speak...)

And yes, columbia is right. They want a quick close because they're afraid you'll bolt.

they're having an open house this wknd as a matter of fact

out of curiousity, what percentage lower are you paying than you would have expected at the start of your search?

p.s. if it takes you two weeks instead of one, i would guess they aren't going to walk away from the deal.

I hope you find it a given that your attorney will properly vet the contract before you sign it. Thus, your attorney can tell you the minimum need timeframe from when he/she receives your contract. Any less time than that is strictly no-go. And perhaps your attorney can communicate that to your broker to "pass it on." Then their broker can slap the seller around a little, if that's what's needed.

we pay about the 10% lower than what we would pay at the beginning of the search but we got an extra bathroom, home office, w/d and the exact location we wanted.

what section in the city?

Don't answer any more questions about the apartment, fifi.

JH, I think it's in hoboken, go look there.

hahahh
why would fifi answer that?!

squid...if i need a lawyer i'll call you.

fifi, this isn't meant to scare but remember that delaying a contract works both ways. If the owners get a better offer there is nothing stopping them from selling the apartment to someone else.

yeah squid...thanks for looking out for me! i forget that i have to be careful of undercover agents. i just thought giving buyer a week to do due diligence seems unfair, especially in this economic climate and it's buying house, not a piece of furniture.

fififaye: the seller is giving you one week to sign upon acceptance of the offer or one week after your attorney receives the contract? Also is that 7 calendar days or 7 working days? Your attorney should be able to negotiate a reasonable time frame with the seller's attorney. Your attorney might not have time to do due dilligence and meet with you during that time; if s/he keep the seller's atty. updated it probably won't be a problem.

Fififaye, the fact that the seller made such an unreasonable request should be raising a red flag. I don't know what it is as I know much less than you about the situation, but here are some thoughts. Is there something wrong with the place they don't want you to discover? Are you paying too much, and they want you to close before you change your mind? Are they in a distressed situation where they have to sell now (i.e., could you have squeezed more)? Is there a competing unit coming onto the market? Something doesn't smell right. If they had put a fast, but reasonable, deadline, that's one thing. But to put such a ridiculously short deadline should be causing all sorts of tingling to your spidey-senses.

Best of luck, and tread cautiously.

thanks guys...it does smell fishy that they're giving us only 5 calendar days after the attorney receives the documents. 5 days is way too short for purchasing a home!

5 days to contract is short -- my requirement was 10 days -- and then 30 days for a completed application to the coop board. They get the deposit when you sign the contract -- so they are pushing to know you are in...

fifi - i don't know if i would say that "it smells fishy." they are just anxious that they have a buyer in an awful market and even though you both probably have the best intentions - sh*t happens. they just want to know that the deal is done, stop doing open houses and prepare to move on with their life. that being said, you MUST do what you are comfortable with. they will not reject your offer if it takes 2 or 3 weeks to get the contract and due dili done...but there is an off chance that a better offer comes along and they have every right to accept it. if the apartment, location and price are right (and you have been looking for a year) take your time but don't drag your feet.

I agree that it could be something fishy or simply because they are anxious for you to sign before you change your mind. In any event, your attorney should be able to push for a more reasonable time frame and indicate that in any event you would use your best efforts to get EVERYTHING you need to get done (don't take any shortcuts) ASAP. I doubt you will lose the apartment.

Anytime someone rushes you into making the biggest financial decision in your life, you should be on alert.