Realty Law Digest

, New York Law Journal

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Scott E. Mollen, a partner at Herrick, Feinstein and an adjunct professor at St. John's University School of Law, reviews "Armonk Snack Mart v. Robert Porpora Realty," and writes: When a real estate market is declining, some purchasers will attempt to “escape” their contractual obligations to close. They may try to renegotiate the price to a lower amount based on some “allegedly material” breach by the seller. In a rising market, some sellers may look to invalidate their sale contracts so that they sell the property to someone else at a higher price or try to renegotiate a higher price with their purchasers.

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