Insight

Adam Leitman Bailey, P.C. Saves Client’s Contract Deposit

Adam Leitman Bailey, P.C. Saves Client’s Contract Deposit

Andrew Jorges

Andrew Jorges

July 28, 2021 08:53 AM

Adam Leitman Bailey, P.C. represented the purchaser of a luxury property in Southampton, NY, whose six-figure contract deposit was being threatened by a seller refusing to timely comply with the terms of the agreement between the parties. The seller failed to close open construction permits for certain building improvements and was also unable to deliver the marketable and insurable title to the premises, yet sought to unilaterally extend the contract for an indefinite period of time to cure such defects. The purchaser was unwilling to wait and wanted the immediate return of their contract deposit.

The purchaser, who was initially represented by different legal counsel at the outset of the transaction, entered into a contract of sale for the property with a target closing date “on or about April 15, 2020” that required the seller, among other things, to comply with the following conditions:

(i) deliver to the purchaser a valid and subsisting Certificate of Occupancy or other required certificates of compliance, or evidence that none was required, covering the building(s) and all of the other improvements located on the property authorizing their use as a single-family dwelling at the date of the closing;

(ii) comply with all notes or notices of violations of law or municipal ordinances, orders or requirements noted or issued as of the date of closing by any governmental department having authority as to lands, housing, buildings, fire, health, environmental, and labor conditions affecting the premises; and

(iii) deliver the purchaser the marketable and insurable title. Within hours of being retained, Adam Leitman Bailey, P.C. sent the seller’s attorney a letter demanding that the seller close all open permits and cure certain title defects affecting the subject property, and further unilaterally designated a “time of the essence” closing date within thirty days thereof. The letter unequivocally stated that in the event seller failed to timely comply with their obligations under the contract within such a 30-day period, the buyers would be entitled to the full return of their contract deposit totaling $171,400.

Only four days after sending the “time of essence” letter, the seller consented to the cancellation of the contract and returned the full contract deposit to the purchaser.

Andrew C. Jorges, and John M. Desiderio represented the purchaser.

Related Articles

New Employment Law Recognizes Extraordinary Stress Is Everyday Reality for NY Lawyers


by Bryan Driscoll

A stressed woman has her head resting on her hands above a laptop

IN PARTNERSHIP

How to Make Sure You Get the Maximum Compensation for a Personal Injury Claim


by John P. Ford

This article discusses the numerous factors that affect a personal injury settlement and tips for how to maximize compensation in a personal injury claim.

Stethoscope sitting on top of money and medical form

One of NY’s Top Personal Injury Lawyers on 2 Surprising Trends Transforming the Industry


by Gregory Sirico

Lawyer Jeff Korek talks emerging personal injury law trends in IVF litigation and trial scarcity.

Doctor consoles couple in medical office

Building a Greener Future on Unsolid Ground


by William S. Thomas

As climate change only intensifies, natural disasters are becoming more frequent and shifting how construction legal professionals conduct litigation.

Mutli-level house in the process of being built

The Push and Pitfalls of New York’s Attempt to Expand Wrongful Death Recovery


by Elizabeth M. Midgley and V. Christopher Potenza

The New York State Legislature recently went about updating certain wrongful death provisions and how they can be carried out in the future. Here's the latest.

Red tape blocking off a section of street

IN PARTNERSHIP

Making an Impact


by John Fields

Morelli Law Firm has changed countless lives through its transformative results.

Three men in suits against New York skyline

IN PARTNERSHIP

A Street Fight in the Bronx


by Adam Leitman Bailey

Adam Leitman Bailey’s firm helped settle a Bronx brawl over land between two parties and brought victory against a long-standing powerful family in New York.

Warehouse in New York at night

The Tragic Limitations of New York’s Outdated Wrongful Death Law


by David Scher

New York might be a progressive state in many respects, but its wrongful death law is itself a regressive tragedy—essentially the same statute first passed in the mid-1800s—that prolongs and deepens grieving families’ suffering. This must change.

Grieving person sitting on park bench in front of ocean and storm

IN PARTNERSHIP

Heroes Among Men: How Adam Leitman Bailey, P.C. Saved Lives of the Lifesaving


by Rebecca Blackwell

When a 911 Center in New York City was put in danger, Adam Leitman Bailey, P.C. went to work against the unlawful and hazardous actions of a developer whose construction threatened the peace and safety of all who worked for the Fortune 500 company.

Danger construction site no trespassing sign on fence

IN PARTNERSHIP

Adam Leitman Bailey Saves Upper East Cooperative From Forced NYU Combination With Neighboring University Building


by Rebecca Blackwell

When a New York resident of an iconic building was faced with a potentially devastating renovation to his beloved home, powerhouse real estate lawyer Adam Leitman Bailey tightened the knot on the loophole others said didn’t exist.

Large brownstone building with blue sky above in New York City

IN PARTNERSHIP

How To Run a Board Meeting


by Adam Leitman Bailey

Adam Leitman Bailey explains how using Robert's Rules of Order can assist with effective and productive board meetings in real estate matters.

Several people sitting in chairs around boardroom table

IN PARTNERSHIP

The Wolf Near Wall Street


by Rebecca Blackwell

When tensions among shared real estate owners reached their tipping point, Adam Leitman Bailey P.C. stepped in and solved a modern issue with an ancient remedy.

Mortgage documents on desk

IN PARTNERSHIP

What is The Grieving Families Act (2022)?


by Michael L. Taub

Best Lawyers honoree Michael Taub explains The Grieving Families Act and what it means for wrongful death and malpractice cases in New York.

Image of grieving person on blue background

IN PARTNERSHIP

Results That Make a Difference


by John Fields

Thomas Moore and Judith Livingston continue to secure some of the largest verdicts in New York state for their injured clients.

Male and female lawyer in blue suits

East Side Story


by Adam Leitman Bailey

The made-for-Hollywood tale of a 16-year legal tussle to help a dedicated band of Manhattan “homesteaders” take ownership of the buildings they had moved into and begun to rehab.

Rosario Dawson's Family Fight for NY Building

Results That Make a Difference


by John Fields

Thomas Moore and Judith Livingston continue to secure some of the largest verdicts in New York state for their injured clients.

Largest Injury Verdicts in New York State

Trending Articles

Discover The Best Lawyers in Spain 2025 Edition


by Jennifer Verta

Highlighting Spain’s leading legal professionals and rising talents.

Flags of Spain, representing Best Lawyers country

Unveiling the 2025 Best Lawyers Editions in Brazil, Mexico, Portugal and South Africa


by Jennifer Verta

Best Lawyers celebrates the finest in law, reaffirming its commitment to the global legal community.

Flags of Brazil, Mexico, Portugal and South Africa, representing Best Lawyers countries

Presenting the 2025 Best Lawyers Editions in Chile, Colombia, Peru and Puerto Rico


by Jennifer Verta

Celebrating top legal professionals in South America and the Caribbean.

Flags of Puerto Rico, Chile, Colombia, and Peru, representing countries featured in the Best Lawyers

How to Increase Your Online Visibility With a Legal Directory Profile


by Jennifer Verta

Maximize your firm’s reach with a legal directory profile.

Image of a legal directory profile

Paramount Hit With NY Class Action Lawsuit Over Mass Layoffs


by Gregory Sirico

Paramount Global faces a class action lawsuit for allegedly violating New York's WARN Act after laying off 300+ employees without proper notice in September.

Animated man in suit being erased with Paramount logo in background

Tampa Appeals Court ‘Sends Clear Message,” Ensuring School Tax Referendum Stays on Ballot


by Gregory Sirico

Hillsborough County's tax referendum is back on the 2024 ballot, promising $177 million for schools and empowering residents to decide the future of education.

Graduation cap in air surrounded by pencils and money

The Future of Family Law: 3 Top Trends Driving the Field


by Gregory Sirico

How technology, mental health awareness and alternative dispute resolution are transforming family law to better support evolving family dynamics.

Animated child looking at staircase to beach scene

The Human Cost


by Justin Smulison

2 new EU laws aim to reshape global business by enforcing ethical supply chains, focusing on human rights and sustainability

Worker wearing hat stands in field carrying equipment

The 2025 Legal Outlook Survey Results Are In


by Jennifer Verta

Discover what Best Lawyers honorees see ahead for the legal industry.

Person standing at a crossroads with multiple intersecting paths and a signpost.

Effective Communication: A Conversation with Jefferson Fisher


by Jamilla Tabbara

The power of effective communication beyond the law.

 Image of Jefferson Fisher and Phillip Greer engaged in a conversation about effective communication

Safe Drinking Water Is the Law, First Nations Tell Canada in $1.1B Class Action


by Gregory Sirico

Canada's argument that it has "no legal obligation" to provide First Nations with clean drinking water has sparked a major human rights debate.

Individual drinking water in front of window

New Mass. Child Custody Bills Could Transform US Family Law


by Gregory Sirico

How new shared-parenting child custody bills may reshape family law in the state and set a national precedent.

Two children in a field holding hands with parents

Best Lawyers Expands With New Artificial Intelligence Practice Area


by Best Lawyers

Best Lawyers introduces Artificial Intelligence Law to recognize attorneys leading the way in AI-related legal issues and innovation.

AI network expanding in front of bookshelf

Jefferson Fisher: The Secrets to Influential Legal Marketing


by Jennifer Verta

How lawyers can apply Jefferson Fisher’s communication and marketing strategies to build trust, attract clients and grow their practice.

Portrait of Jefferson Fisher a legal marketing expert

Finding the Right Divorce Attorney


by Best Lawyers

Divorce proceedings are inherently a complex legal undertaking. Hiring the right divorce attorney can make all the difference in the outcome of any case.

Person at a computer holding a phone and pen

New Texas Law Opens Door for Non-Lawyers to Practice


by Gregory Sirico

Texas is at a critical turning point in addressing longstanding legal challenges. Could licensing paralegals to provide legal services to low-income and rural communities close the justice gap?

Animated figures walk up a steep hill with hand