Case Notes in
Sales
Category
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First published: Oct 2005
Cohen v. Seward Park Housing Corp.To win a case on a motion to dismiss the complaint is not easy. The motion looks solely to the complaint and assumes that all of the statements therein are true. In such instance, trial judges are reluctant to grant the relief sought – preferring to view additional evidence to be developed in the case by both sides. A party making a motion to dismiss the complaint – not to be confused with a motion for summary judgment which addresses the complaint, the answer, and other evidence – usually must be highly confident of its legal position.
Read full articleFirst published: Sep 2005
Sit v. SchnapsThis case reaffirms established co-op law that a purchaser of an apartment that is approved subject to compliance with certain conditions may cancel the purchase agreement and receive a full refund of the contract deposit if those conditions are not met. This is a harsh and sometimes unexpected dilemma for a co-op seller who frequently has waited for many weeks to learn if a co-op board approves his purchaser. It suggests that a seller has a strong interest in seeing that his purchaser is well-qualified to acquire the apartment and likely to be approved by the board. This issue should be considered before a seller signs a sale contract.
Read full articleFirst published: Nov 2003
Board of Managers, Kingsley Condominium v. Villinvestment A.V.V.By Richard Siegler, Stroock & Stroock & Lavan Increasingly, cases involving a condominium board’s right of first refusal are being reported. As more boards decide to exercise such rights, they are learning the pitfalls of not following precisely the procedures to accomplish this result. Rights of first refusal are limited restraints on alienation permitted by virtually all states. As such, they are always strictly construed and the rule is still caveat emptor!
Read full articleFirst published: Jan 2003
Amato v. HirdReal estate contracts in the New York metropolitan area including co-op purchase and sale agreements normally provide for a 10 percent deposit on account of the purchase price. Invariably, this deposit is held in escrow until the closing when it is paid to the seller. If the sale fails to take place because some contingency in the contract does not occur, the purchaser would normally have his deposit returned. If the sale fails to occur because of the seller's breach, the normal remedy is an action for specific performance to compel the conveyance of a unique piece of real estate. If the sale fails to occur because of the purchaser's breach, the deposit is virtually always retained by the seller as liquidated damages. This case holds that a 10 percent deposit qualified as liquidated damages and not a penalty. If, in another contract for the purchase and sale of a co-op, there was a provision for a 20 percent deposit, could this also serve as liquidated damages and not a penalty if so specified in the contract? The answer is maybe, as the decision would depend on all of the facts and circumstances that justified an increase in the standard deposit from 10 to 20 percent.
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