In that case, he said, the closing was delayed because "everyone held their ground," but eventually the dispute was resolved and the deal was closed. "I've seen the most mundane things delay closings," said Brian Chiusano, a broker with Coldwell Banker Hunt Kennedy who handled the air-conditioner fiasco. Closings may not end with a handshake but with failure, fury and two people nearly aborting a $400,000 apartment sale because they can't decide who should pay $250 to replace a broken air-conditioning unit. There are no data to record how many closings die or are delayed, but brokers are seeing and hearing about more 11th-hour problems.Īt any time, finishing a real estate deal can be far thornier than just signing deeds, writing checks and handing over the keys to the front door. And although they happen even in the calmest of markets, real estate brokers and lawyers say that home sales in New York City are now more vulnerable than ever to stumble or crumble at the finish line.
No one acts like a character in an Edward Albee play.īut in the ever-so-flawed real world, all those things do happen. Sellers do not threaten to kill a deal if they don't have a signature by sundown. IN a real estate utopia, there are no last-minute meltdowns and no buyers forsaking an apartment because of a $100 microwave.
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