Pulling out all the stops, Adam Leitman Bailey, P.C. (“ALBPC”) successfully cures a title defect to allow condominium unit owners to be “ready, willing and able” on time to close their deal.
Our clients, the unit owners, went to contract to sell their Tribeca condo, which included a storage unit they acquired originally from the sponsor in 2010. The condo purchaser changed his mind about the purchase and began digging for ways out of the contract. The purchaser discovered that the unit owners’ storage unit had inadvertently been first conveyed to another condo unit purchaser, prior to their purchase. The purchaser declared that the unit owners could not close, declared the contract cancelled, and demanded a refund of the deposit in full.
But the unit owners had title insurance and their title carrier called on ALBPC to save the deal. ALBPC took immediate control of the situation, educating the parties that the unit owners were legally allowed time to cure any defect. ALBPC then began the process of curing the defect, with less than 30 days until closing.
The attorneys at ALBPC left no stone unturned. We called all the parties to the original 2010 purchases from the sponsor and determined that the conveyance of the unit owners’ storage unit to the other owner was a mistake. We called the property manager and determined that the other owner and the transferee of the other owner had always used a different storage unit. The property manager also confirmed that the unit owners had always used the same storage unit. We concluded that it was all a big mistake and that the purchaser could not be allowed to escape the contract for an innocent mistake.
We tracked down all the parties involved, including the defunct sponsor and explained the situation. All the parties agreed to sign and deliver correction deeds. To accomplish this, ALBPC’s lawyers travelled all about Manhattan to have the deeds signed and ready for delivery at closing. With just 24 hours until closing, all the deeds were in-hand and the title defect was cured and the unit owners were ready to close. The unit owners demanded that the purchaser close and the purchaser still refused, but the unit owners now have the upper-hand.
Tom Furst and another attorney of Adam Leitman Bailey, P.C. represented the condominium owners in this victory.