So my friend decided that he no longer wants the co op. He has to move immediately and it is still not ready. He gave them a deposit but he didn't sign any closing date papers. Can he still back up and get his money back?
Politically Correct
As others have said, the contract is the guiding document. You say the co-op 'is not ready' which implies that he cannot close through no fault of his own. That may be his get out of jail card.
Otherwise, he might try a trick that can work; co-op contracts have to be written that they are subject to board approval of the buyer and his finances. This process includes a face to face interview. It is not that hard to make yourself unattractive enough to be declined.
Judy
He can back out but will not get his deposit back.
Eva
You'd have to read the contract to find the cancellation clause. The deposit may have been non-refundable, partially refundable, or completely refundable. Does the contract state a completion date? If it does and they have not completed it, he may be able to get out from under it completely.
Maxi
Read the contract itis legally enforcable and your 'friend' needs to understand his/her legal liabilty, at the very least your 'friend will not get their money back, there may be a buy out clause in the contract, ( read and see) if not then your 'friend' is obligated to the terms of the contract for the full time of the contract
Anonymous
I have no idea what one is. iN The us, co-ops are participating credit unions that let you share branches.
generally, deposits are non refundable. They are to bind you to a deal.