real estate

LANDLORDS HAVE NO DUTY TO MITIGATE DAMAGES FOLLOWING LEASE BREACH

Posted on November 21, 2016

Here’s the scenario:  In month 9 of a 12 month residential lease term, Tenant defaults on his rent payment and abandons the apartment with three months still to go on the lease.  Landlord, in accordance with the lease terms, declares the lease terminated and brings a civil suit seeking monetary damages against tenant – including the value of the three months’ worth of rent Landlord otherwise would have received had Tenant not abandoned the lease.  However, during those three months,Read More

Appellate Division Ruling Holds E-mail Correspondence May Create Binding Real Estate Contract

Posted on October 31, 2011

Naldi v. Grunberg, 80 AD3d 1 (1st Dept. 2010), leave to appeal denied, 2011 NY Slip Op. 71494 (NY May 3, 2011) At issue in Naldi v. Grunberg was whether the defendant had breached an agreement to give plaintiff a right of first refusal to purchase certain real property in New York City.  Plaintiff contended that the right of first refusal was granted by defendants in an email describing the terms of the contemplated transaction.  Defendants moved to dismiss theRead More

Co-Ownership of Real Property: Different Forms for Different Situations

Posted on October 19, 2011

Real property is often purchased by or conveyed to multiple owners – such as when a married couple buys a home.   When such a transaction occurs, there are a number of different ownership forms that can be selected from (by the purchasers, in the case of real estate transactions, or by the testator when he or she is drafting a will containing a devise of real property), each of which will affect the rights of the individuals in the ownershipRead More

Appellate Division Ruling Holds Bank Lacks Standing to Foreclose on Residential Mortgage Loan

Posted on October 11, 2011

Bank of New York v. Silverberg et al., 86 AD3d 274 (2d Dept. 2011) On June 7, 2011, the Appellate Division, Second Department, dismissed a mortgage foreclosure proceeding based on payment default after holding that the plaintiff bank lacked standing to sue because it could not prove it was the owner of the underlying mortgage note.  The Bank obtained its interest in the mortgage as an assignment from Mortgage Electronic Registration Systems, Inc. (“MERS”), a national mortgage registry used byRead More