BrokerageIndustry News

Ditching a condo contract? Not easy

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Editor's note: This article is reposted with permission of The Real Deal. Click here to view the original article. By AMY TENNERY NEW YORK -- It's often said that the devil is in the details -- and for many New York City buyers and sellers, that's increasingly become the case in the down market. New development brokers and real estate lawyers say many of the attempts they are seeing among buyers to get out of contracts are from those arguing that the measurements on their condos are different from what they were promised. They say that sometimes buyers will invoke the claim over a minor quibble, such as small floorplan discrepancies or an inch or two difference in ceiling height. Meg Goble, a real estate lawyer and a partner at Hanley & Goble, said buyers must prove that there are "significant and material" differences between the representation made to the buyer and the finished product. However, there is little spelling out of exactly what that means. &...