Legal Question in Civil Litigation in New York
Real Estate litigation
We filed a lawsuit against our builder who owns the property on which the house we have a contract to is being built because he was taking a long time to finish the work and get a certificate of occupancy. Now the c of o is imminent and he will not close unless we drop the lawsuit. What legal protections do we have if we drop the lawsuit? Can he sell the house to another person (we have had a contract for over 3 1/2 years)?
1 Answer from Attorneys
Re: Real Estate litigation
You really should be discussing this with your lawyer.
This matter should be resolved through a settlement agreement. In other words, you and the contractor should enter into an agreement whereby you discontinue the lawsuit and the builder should be selling you the house and providing standard warranties for its construction.
One problem is that the builder may go out of business immediately after the closing. Therefore, a warranty would not be effective. If this is the case try to have money held in escrow or try to have the builder's personal guarantee to enforce compliance of the agreement.
Mike.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
