Adam Leitman Bailey and John M. Desiderio explain how New York courts decide whether a buyer’s or seller’s failure to meet a real estate contract obligation is a “material” breach that justifies remedies such as forfeiture of a deposit, rescission, or specific performance. Whether a default is deemed “material” often determines whether a purchaser forfeits Full Article…
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Establishing ‘Time Is of the Essence’ and Performing at a ‘Time Is of the Essence’ Closing
As the authors noted in our first article on Time of the Essence (TOE) Closings, “real estate closings 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.” See Bailey and Desiderio, Enforcing the Contract—Obtaining Down Payment or Specific Performance (New York Law Full Article…
Recovering Damages From Water Diversion
The history of real property law is replete with litigation over how one property owner’s assertion of its rights to control and adapt their property impacts their neighbors. These cases usually involve damage to a neighboring property resulting from acts of so-called trespass—which might better be termed a nuisance—one of the most common being damage Full Article…
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…
Lawful Source of Income Anti-Discrimination Laws as Applied to Rentals
Both New York State and New York City, as well as other municipalities within New York State, have laws on the books that prohibit discrimination by owners and managers of housing accommodations against prospective tenants based on the source of the tenants’ income. The New York State and New York City versions of these laws Full Article…
Distributing the Assets of a Limited Liability Corporation
By Adam Leitman Bailey By John M. Desiderio In New York, Limited Liability Corporations (“LLC[s]”) are governed under the Limited Liability Company Law. LLCs have “perpetual existence” but may dissolve without judicial intervention as otherwise provided for in Limited Liability Company Law, §701. Nevertheless, upon the petition of a member, or someone acting on behalf Full Article…
Adam Leitman Bailey, P.C. Defeats Motion to Dismiss Petition for Dissolution of Real Estate Holding Company
In a heated disputed between two members of a real estate holding company, Adam Leitman Bailey successfully defended their client’s petition against a procedural motion to dismiss, thereby leaving only respondent’s baseless merits arguments. The LLC at issue was originally formed in 2013 between petitioner and respondent to purchase and manage a commercial property, with Full Article…
Adam Leitman Bailey, P.C. Secures Substantial Early Termination Payment for Tenant of Foreclosed Building in Receivership
With the right counsel, it turns out that you can squeeze blood from a stone, or at least from an intransigent landlord. In an extraordinary turn of events, Adam Leitman Bailey, P.C. managed to secure an early termination payment in the hundreds of thousands of dollars from the landlords of a foreclosed building in receivership Full Article…
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