Specific Performance Granted to Purchaser in Commercial Real Estate Contract
September 21, 2010
Epstein v. Samaroo
(Supreme Court of the State of New York, Kings County, June 22, 2007)
In this action for specific performance of a contract for the sale of real property plaintiff-buyer’s motion to enforce a judgment which ordered the defendant-seller, to complete the contract of sale and convey her interest in the property to the plaintiff-buyer granted. Defendant may not raise an issue as to the purchase price when such price was decided as part of the trial and is now law of the case. Link to Full Text of Decision
Epstein v. Samaroo
(Sup. Ct. NY 5/17/06)
Specific performance granted to purchaser in commercial real estate contract after trial. Purchaser’s alleged slight tardiness in obtaining the commitment was irrelevant in the absence of a “time is of the essence” clause in the contract and particularly because the contract had no requirement to give the seller notice of issuance of the commitment. And in any event, the commitment was in fact secured in a timely fashion because the clock should run not from when the contract was signed and handed to the purchaser, but it should run from the time it was received in the mail by the purchaser’s attorney. And finally, seller loses because the election by the seller to declare the contract void did not occur until after the issuance of the commitment, thus the notice to declare the contract void has no effect. Link to Full Text of Decision
