Tuesday, October 2, 2012

SELLING A HOME IN TODAY'S MARKET

Many buyers and/or sellers will raise the question as to when is there a valid contract of sale - do I have a deal or what?

Usually the pattern is that between long delays in negotiation, execution of contracts, deposit of down payment in escrow, etc., it can be confusing.

Here is one case. 184 JORALEMON LLC, Plaintiff, v. BROOKLYN LAW SCHOOL, Defendant. 31 Misc 3d 1201(A) Supreme Court, Kings County. Decided March 28, 2011 which starts out as follows:
 
"Defendant Brooklyn Law School ("BLS") moves, by Order to Show Cause, for an order dismissing the complaint, pursuant to CPLR 3211 (a) (1), (5) and (7); directing the Clerk of Kings County to cancel the notice of pendency filed by plaintiff 184 Joralemon LLC, pursuant to CPLR 6514; and, pursuant to CPLR 6514 (c), awarding costs and expenses, including reasonable attorneys' fees, incurred as a result of the allegedly improper filing of the notice of pendency; and awarding sanctions in the form of attorneys' fees, costs and disbursements against plaintiff and its attorneys, pursuant to Rule 130-1.1 of the Chief Administrator, due to their allegedly frivolous conduct in commencing and refusing to discontinue this action."

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