In the middle of buying an apartment... this is my story so far. (income tax, agent)

[Sprawling_Homeowner]

Offer made, counteroffer received, terms accepted.

Mortgage applied for, terms acceptable, just waiting for the contract.

Almost all co-op board paperwork done/filled-out, with corresponding income tax docs, checks to the board, personal references, proof of income, W-2s, personal references.

ONLY ONE HOLDUP.

Contract written up by seller's attorney and sent to my attorney. My attorney calls me, we review basic points. So far so good.

My attorney sends a "rider" back to the seller's attorney. THis was Wed evening and as of today (I spoke to my lawyer's staff), no word back from seller's lawyer. My real estate agent and my mortgage broker told me separately that the contract should've been ready by now. I am going to call my lawyer again tomorrow.

What's a rider? How does get in the way of a contract? Or, rather, is it an essential part of a contract?

And ONE last question... the co-op board requires that an applicant's income be a 3:1 ratio to the monthly mortage+mtn costs. The standard interpretation is gross, yes?

[rrah]

A rider is an amendment or attachment to the original contract. Your attorney could tell you specifics as to the terms of this rider.

[shellytc]

And that amendment or attachment *could* have changed the terms of the original deal. If you don't know what is on it, get a copy and review it. You may have substantially changed something that is giving the other side cold feet.

Shelly