Legal Question in Real Estate Law in New York
compensation
I closed on an investment property(2family house to be converted to 3 family and a basement where I plan to occupy) in march and asked for certain repairs to be done before I occupy the premises and rent out the other floors. The brokers agreed to this but so far, they are not done with the repairs and I cannot move in. I have paid a month's mortgage and paid my rent for where I am now. Am I entitled to some compensation because this work was promised to be completed within a week from closing; although the completion time is not in writing, the list of work to be done is. Please reply, I am losing potential earnings while I wait. Please reply.
2 Answers from Attorneys
Re: compensation
As I understand the letter writer's problem, he has closed on a 2 family house subject to an agreement between himself and the real estate brokers in which the brokers agreed to complete certain repairs within an unspecified time frame.
Certainly, if the writer has such a written agreement a court would find it to be enforceable a most likely substitute a reasonable time period for completion of the work. The writer should notify the brokers, in writing, of their obligation and, if they do not complete the work within a reasonable time, the writer's recourse is Civil Court or Small Claims Court, depending on the value of the work. A complaint to the NYS Dept. of Licensing might also motivate the brokers.
Re: compensation
Absent a written contract specifying a
definite date or time frame, the Court
will, in all likelihood, construe the
time period to be a "reasonable" period,
and one week would probably be thought of
as not enough time.
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