Legal Question in Real Estate Law in New York
Filing suit for specific performance with lis pendens on title
We are purchasing a home in western NY & signed a purchase contract on 9/9/03. In early October, we were informed that there is another buyer who has come forward with a purchase contract. The other buyer is suing the sellers for specific performance & filed a lis pendens. His ''contract'' was dated 8/26/03. The sellers filed a motion in court to dismiss the suit & remove the lis pendens on the grounds that the ''contract'' was not valid but rather was a letter of intent by the parties to have further discussions. This ''napkin deal'' contained the names of the parties, the property address, the price including a note of a second mortgage and the signatures of the parties. The case was heard in court on October 21st but the judge did not rule pending more detailed briefs from both parties. Today the judge rendered his decision in favor of the other buyer and ordered the closing on or by Dec. 1st. My question is whether we are entitled to file a specific performance suit & a lis pendens (therefore entitled to the same remedy as other party) or are we precluded from seeking specific performance once a judge has ruled in favor of the other buyer for specific performance of their contract (which is an earlier contract).
4 Answers from Attorneys
Re: Filing suit for specific performance with lis pendens on title
You are saying that ther is a judicially valid contract with a judicial closing date.
What does YOUR attorney, who knows all of the facts and circumsatnces, say about your closing.
I understand that this is a valid question, but what lawyer can substitute their judgment for someone who has been there every step along the way?
Good Luck
RRG
Good Luck
Re: Filing suit for specific performance with lis pendens on title
You may be entitled to money damages but cannot get specific performance.
Re: Filing suit for specific performance with lis pendens on title
Unless the seller files and wins an appeal, he must go forward with the closing. You may be entitled to recover damages for your loss of the bargain you entered into.
Re: Filing suit for specific performance with lis pendens on title
The Court has already ruled, so it appears your contract was mentioned and considered. Thus, you would not have a separate action for specific performance. I am not discussing the merits of the suit, but it appears that the earlier contract met all the criteria of a valid purchase contract (writing, offer, acceptance, consideration, terms, etc.) I believe your only recourse is to sue for any damages you incurred (legal fees, mortgage applications, title work, survey, etc.) pursuing the contract.
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.
