Court voids Tribeca Summit condo purchase with too many exits | Crain’s New York Business
Court voids Tribeca Summit condo purchase with too many exits | Crain’s New York Business.
Interesting case voiding a contract because the court deemed a contract containing a unilateral, unrestricted right to cancel (by a Purchaser of a commercial condominium) unenforceable and illusory, as it lacks “mutuality of obligations”.
I don’t know if this ruling will survive on appeal.
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My name is Philip J. Lavender. I am an attorney with the law firm of Marcus Attorneys located in Fort Greene Brooklyn, N.Y. I represent individuals, corporations and lending institutions in the acquisition, financing, development and sale of residential and commercial properties, cooperative and condominium units.
A significant part of my practice, whether representing a first time homebuyer, experienced investor or developer, is explaining various aspects of a transaction. I have started this blog as a forum to exchange information as the world of real estate and the laws that affect it are constantly changing.
It is my hope that this blog will serve as a source of information whether you are a home buyer or seller, real estate investor, professional or attorney.
As a buyer or seller of a home, the more information you acquire about the process, the less daunting, stressful and more positive your experience will be.
As an investor (whether a novice or seasoned pro), knowledge obtained about the process, the product and market place will increase their likelihood of success.
Real estate professionals have an obligation to educate themselves in an effort to better serve, represent and protect their interests or the interests of others.
It is also my hope that I learn from others. Your feedback and knowledge are greatly appreciated.
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