THE BUYER WAS NOTIFED TIME WAS OF THE ESSENCE IN THIS REAL ESTATE DEAL AND WAS GIVEN A REASONABLE TIME IN WHICH TO CLOSE; THEREFORE THE BUYER WAS NOT ENTITLED TO SPECIFIC PERFORMANCE AND THE SELLERS WERE ENTITLED TO THE DOWN PAYMENT AS LIQUIDATED DAMAGES (SECOND DEPT).
The Second Department, reversing Supreme Court, determined the buyer in this real-estate deal could not demand specific performance because he was notified time was of the essence and was provided with a reasonable time within which to close. The sellers were entitled to keep the down payment as liquidated damages: … [T]he buyer does not […]
