Q&A about Sheriff’s Sales
Q. How is a Sheriff’s sale different from a foreclosure?
Richard Klass: A foreclosure action is brought by a party who has a lien on real property (typically, a mortgage lender or mechanic’s lienor), where that party is seeking to “foreclose” on its lien through the sale of the real property at a judicial auction sale. A Sheriff’s sale is conducted when a party who has a judgment lien against the real property issues an Execution to the Sheriff to sell the property…. (more)
Asking the Court to Grant Partition and Sale of Jointly-Owned Property
In a recent case, in which Richard A. Klass, Your Court Street Lawyer, represented one of three owners of real property asked the trial judge to grant ‘summary judgment’ against the other owners, granting his motion to partition and sell the real property at auction. In support of the motion, it was requested that the court grant partition and sale, in accordance with Real Property Actions and Proceedings Law [RPAPL] Article 9…. (more)
Buyer’s Remedies when Seller Will Not Convey Real Property
As a buyer, what happens when you find the perfect house, on the perfect street and enter into a contract of sale. Then when you try to perform your obligations under the contract, the seller stands in your way. Then, after you file a Lis Pendens (Notice of Pendency) and commence litigation to force the seller to sell you the property (also known as specific performance), you learn there was another buyer who preceded you and also did not close. What are your rights and remedies?…. (more)
Defendants in Mortgage Foreclosure Cases May Recover Their Attorneys’ Fees and Expenses under Real Property Law Section 282
A defendant/mortgagor who prevails in the successful defense of a mortgage foreclosure proceeding may be entitled to recover his reasonable attorney’s fees and expenses under Real Property Law Section 282, which provides as follows…. (more)
Equitable Estoppel of a Mortgagee’s Claim
The doctrine of “equitable estoppel” was applied in a recent case litigated in the Commercial Division of the Kings County Supreme Court. In deciding that a mortgagee was estopped from collecting additional moneys from the mortgagor/cooperative corporation, Justice Carolyn Demarest relied upon the long-standing principle that the courts will not allow a party to “lull” another into inactivity to its detriment. In affirming the Decision and Order of Justice Demarest, the Appellate Division, Second Department found that summary judgment was properly granted on the basis of equitable estoppel….. (more)
Good Guy Guaranty and Surrender Dates
When a tenant enters into a lease, they agree to pay all rent sums and in some cases additional rent as they become due and owing. When a tenant defaults on a lease, New York law does not require a landlord to mitigate their damages if they elect not to re-let the space, and the tenant remains liable for unpaid rent throughout the duration of the lease term…. (more)
Real Estate Clauses, Principles and Doctrines in New York (and what they may mean to buyers and sellers)
Doctrine of “caveat emptor,” “Seller has no duty to disclose,” The “Merger” clause, and “Anticipatory repudiation.” (more)
The Result when a Foreclosing Mortgagee Fails to Comply with RPAPL Section 1304
In Real Property Actions and Proceedings Law [RPAPL] Section 1304, a pre-commencement notice to a borrower-homeowner is required to be served by registered or certified mail and also by first-class mail at least ninety days prior to commencement of the foreclosure action. Further….(more)
