Insight

Adam Leitman Bailey, P.C. Threatens To Retain Contract Deposit, Forces Immediate Closing

Adam Leitman Bailey, P.C. Threatens To Retain Contract Deposit, Forces Immediate Closing

Andrew Jorges

Andrew Jorges

August 3, 2021 02:05 PM

Attorneys at Adam Leitman Bailey, P.C. represented the frustrated sellers of a multimillion-dollar property in Hewlett Harbor, New York, whose contract of sale was in jeopardy after the buyers repeatedly refused to close the title in accordance with the terms of the agreement.

The sellers, who were initially represented by different legal counsel at the outset of the transaction, entered into a contract of sale for the property with the buyers that provided for a closing date “on or about” February 18, 2016. Despite numerous attempts by sellers’ prior counsel to schedule a closing, the buyers refused to close on or before February 18, 2016.

The sellers, fearing the buyers would be able to walk away from the contract, retained Adam Leitman Bailey, P.C. to either compel the buyers to promptly close, or retain the contract deposit as liquidated damages.

Within hours of being retained, Adam Leitman Bailey, P.C. sent the buyer’s attorney a letter unilaterally designating a “time of essence” closing date within thirty (30) days, and further advised that in the event purchaser failed to timely close within said thirty (30) day period, the buyers would forfeit their contract deposit totaling $247,500.

Only nine (9) days after being retained and sending a “time of essence” letter to the buyers’ counsel, the parties successfully closed on the sale of the property at the offices of Adam Leitman Bailey, P.C. with sellers receiving the balance of the sales price.

Further, pursuant to a post-closing possession agreement that was negotiated during the course of the transaction, the sellers remained in possession of the premises for the entire summer season at a rental amount far below the market rate.

Andrew C. Jorges and another attorney represented the sellers in this transaction.

Trending Articles

Announcing the 2023 The Best Lawyers in America Honorees


by Best Lawyers

Only the top 5.3% of all practicing lawyers in the U.S. were selected by their peers for inclusion in the 29th edition of The Best Lawyers in America®.

Gold strings and dots connecting to form US map

Best Lawyers: Ones to Watch in America for 2023


by Best Lawyers

The third edition of Best Lawyers: Ones to Watch in America™ highlights the legal talent of lawyers who have been in practice less than 10 years.

Three arrows made of lines and dots on blue background

Announcing the 2022 Best Lawyers® in the United States


by Best Lawyers

The results include an elite field of top lawyers listed in the 28th Edition of The Best Lawyers in America® and in the 2nd Edition of Best Lawyers: Ones to Watch in America for 2022.

2022 Best Lawyers Listings for United States

Famous Songs Unprotected by Copyright Could Mean Royalties for Some


by Michael B. Fein

A guide to navigating copyright claims on famous songs.

Can I Sing "Happy Birthday" in Public?

Announcing the 2023 The Best Lawyers in Canada Honorees


by Best Lawyers

The Best Lawyers in Canada™ is entering its 17th edition for 2023. We highlight the elite lawyers awarded this year.

Red map of Canada with white lines and dots

Choosing a Title Company: What a Seller Should Expect


by Roy D. Oppenheim

When it comes to choosing a title company, how much power exactly does a seller have?

Choosing the Title Company As Seller

What the Courts Say About Recording in the Classroom


by Christina Henagen Peer and Peter Zawadski

Students and parents are increasingly asking to use audio devices to record what's being said in the classroom. But is it legal? A recent ruling offer gives the answer to a question confusing parents and administrators alike.

Is It Legal for Students to Record Teachers?

Announcing the 2022 Best Lawyers in Canada™


by Best Lawyers

The results include an elite field of top lawyers listed in the 16th Edition of The Best Lawyers in Canada™ and 1st Edition of Best Lawyers: Ones to Watch in Canada.

Announcing the 2022 Best Lawyers in Canada™

Caffeine Overload and DUI Tests


by Daniel Taylor

While it might come as a surprise, the over-consumption of caffeine could trigger a false positive on a breathalyzer test.

Can Caffeine Cause You to Fail DUI Test?

The Real Camille: An Interview with Johnny Depp’s Lawyer Camille Vasquez


by Rebecca Blackwell

Camille Vasquez, a young lawyer at Brown Rudnick, sat down with Best Lawyers CEO Phillip Greer to talk about her distinguished career, recently being named partner and what comes next for her.

Camille Vasquez in office

Announcing the 2022 "Best Law Firms" Rankings


by Best Lawyers

The 2022 “Best Law Firms” publication includes all “Law Firm of the Year” recipients, national and metro Tier 1 ranked firms and editorial from thought leaders in the legal industry.

The 2022 Best Law Firms Awards

Wage and Overtime Laws for Truck Drivers


by Greg Mansell

For truck drivers nationwide, underpayment and overtime violations are just the beginning of a long list of problems. Below we explore the wages you are entitled to but may not be receiving.

Truck Driver Wage and Overtime Laws in the US

All Eyes to the Ones on the Rise


by Rebecca Blackwell

Our 2023 honorees recognized in Best Lawyers: Ones to Watch™ in America tell us more about how their path to law formed, what lead them to their practice areas and how they keep steadfast in their passion to serve others.

Person walking between glass walls towards window

Announcing The Best Lawyers in Australia™ 2023


by Best Lawyers

The results include an elite field of top lawyers and firms from Australia.

The Best Lawyers in Australia™ 2023

Announcing the 2022 Best Lawyers™ in Australia


by Best Lawyers

The results include an elite field of top lawyers and firms.

Announcing the 2022 Best Lawyers™ in Australi

Announcing the 2022 Best Lawyers in South Africa™


by Best Lawyers

The results include an elite field of top lawyers and firms.

Announcing 2022 Best Lawyers in South Africa