By Adam Leitman Bailey and Brandon M. Zlotnick Adam Leitman Bailey, P.C. successfully represented a longtime client, which manages over properties in Manhattan, during the course of an investigation by the Office of the New York State Attorney General (“OAG”). The client has produced responses to a subpoena served by the OAG in early 2024, Full Article…
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One of the Bedrocks of Real Estate Transfers: The Statute of Limitations Cannot Be Extended By State Courts in New York
In their article, Adam Leitman Bailey and Jeffrey Metz discuss how, in New York, courts generally lack the authority to extend statutes of limitations, with only narrow exceptions permitting tolling which reinforces the importance of timely legal action in real estate matters. Real estate markets require certainty. Lenders, developers, and all real estate actors require Full Article…
Adam Leitman Bailey, P.C. Prevails on Motion to Vacate Tolling of Statute of Limitations
Adam Leitman Bailey, P.C. successfully moved to vacate the tolling of the statute of limitations on potential claims against a client, as provided for in prior orders of the court, persuading the presiding judge that he had acted beyond his authority in having earlier tolled the statute of the limitations. In 2024, the New York Full Article…
Adam Leitman Bailey, P.C., Wins Appeal, Forecloses on Property Despite Statue of Limitation Claims to Defeat Action.
It is amazing the lengths some borrowers will go to avoid paying their mortgages while living an a home for free. Mortgages are recorded in the normal course. In this case, however, after the closing where the borrower executed a note and mortgage for $600,00.00 the title closer never recorded the mortgage. To correct this Full Article…
The Appellate Division, First Department Declared That the Apartment Unit’s Purchase/Sales Price Could Not Be The Sole Factor in Rejecting a Purchaser
Adam Leitman Bailey, P.C., was retained to represent an elderly couple who wished to sell their cooperative in Manhattan so that the husband could receive treatment elsewhere. While the couple found a buyer willing to purchase the unit for its fair market value, the application was rejected by the cooperative board because it has set Full Article…
Adam Leitman Bailey, P.C. Affirmed by Second Department in Action To Record Duplicate Mortgage
Adam Leitman Bailey, P.C. was retained by a lender to record a mortgage in the chain of title to a property in Brooklyn, New York, where the original mortgage that was executed by the borrower was not recorded and subsequently lost or misplaced. In an effort to avoid her obligations on the mortgage, the borrower Full Article…
Adam Leitman Bailey, P.C. Prevails on Motion to Vacate Tolling of Statute of Limitations
Adam Leitman Bailey, P.C. successfully moved to vacate the tolling of the statute of limitations on potential claims against a client, as provided for in prior orders of the court, persuading the presiding judge that he had acted beyond his authority in having earlier tolled the statute of the limitations. In 2024, the New York Full Article…
Adam Leitman Bailey, P.C. Secures the First Ever Victory Before the Appellate Division Regarding a Title Insurer’s Obligation to Defend After the Mortgage it Insured is Subsumed into a CEMA
A Consolidation, Extension and Modification Agreement (“CEMA”) is an often-employed vehicle to essentially refinance a mortgage without having to pay the mortgage tax for the full amount of the refinance, as you are only paying mortgage taxes on the “new money”. Adam Leitman Bailey, P.C. represented the insurer of the initial mortgage for $1,995,000. That Full Article…
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