Cooperative Foreclosure: The Accidental Doctrine

By Adam Leitman Bailey and Dov Treiman Although the lack of judicial supervision of the cooperative foreclosure process for default upon cooperative apartment mortgages vastly simplifies the lives of lenders’ counsel, under the latest changes in the foreclosure statutes, it creates a nightmare for the title industry insuring titles down the line from such a  Full Article…

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“Persuasive Personal Skills,” Habitat Magazine

By Adam Leitman Bailey You may have an idea that is crucial to the viability of your building. How do you convince other that your idea is a good one? Here are a few suggestions that should allow you to persuade others and as a result, make your building a better and economically efficient place  Full Article…

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Power-of-Attorney (POA) Changes Scramble Property Transfers, New York Law Journal

By Adam Leitman Bailey and Dov Treiman As of Sept. 1, New York has abolished its old easy single-sheet statutory power of attorney form (POA) and replaced it with a tremendously complicated new law1 describing a highly complex new document with a misleadingly named optional rider.2 The 1948 original form and its successors were designed  Full Article…

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Q & A: How Long To Approve? The Cooperator

By Adam Leitman Bailey Q. I have a one-bedroom co-op in a six –story, 78-unit building in the Bronx on the market for $53,000 and have a prospective buyer who filled out the board application and provided the financial information required by the board. After reviewing his information, the board interviewed the interested buyer in  Full Article…

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Enforcing the Contract – Obtaining Down Payment on Specific Performance, New York Law Journal

By Adam Leitman Bailey and John M. Desiderio At the pinnacle of real estate law, the real estate closing may be the most basic and common real estate experience, but the familiarity ends once a provision of the contract of sale has been breached. Inspired by the number of telephone calls, e-mails, and general correspondence  Full Article…

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Adam Leitman Bailey Provides Game Plan for Representing New Constructed Condominium Associations in Habitat Magazine’s 2006 Attorney Survey

By Adam Leitman Bailey, Title Partner Newly constructed condominium buildings suffering from serious structural and nonstructural defects have infected my firm’s litigation caseload. Because of a total disregard of New York City’s fire and safety requirements, and the failure to provide insulation, a leak-free roof, a functioning HVAC system, and hundreds of other repairs, one  Full Article…

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Legal Quandries and How They Were Resolved, Habitat Magazine

“AVOID LAWSUITS BEYOND ALL THINGS; they pervert your conscience, impair your health, and dissipate your property.” Said French writer Jean De La Bruyere in the 1670s, and his statement holds true today. Nothing is more irksome than a long, drawn-out, complicated, and expensive legal battle. Sound legal advice can be a saving grace. That’s why  Full Article…

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New Home Warranty: An Open Question Seeking an Answer, New York Law Journal

By Adam Leitman Bailey and John M. Desiderio In 1998, in Fumarelli v. Marsam Construction, Inc.1 the New York Court of Appeals decided that the statutory housing merchant implied warranty contained in Article 36-B of the General Business Law2 “effects a complete substitute for the common law remedy” that the Court itself first proclaimed ten  Full Article…

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