Damien B.

Managing Attorney
Member Since: October 3, 2023
Forest Hills, New York

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8 Questions Answered / 4 Recent Answers
November 28, 2023
A: There are numerous variations of a buy-sell provision, clause or agreement. Generally, the provision is for one of the other owners (or the entity) to purchase the ownership interest of the one who has died or wants to leave the business. For example the parties enter into a buy/sell agreement to effect the purchase of the deceased partner's share upon such partner's death, to be funded by life insurance policies. There could also be an agreement for the entity itself to redeem the shares or membership interest depending on the type of entity Also, sometimes there is another type of triggering event other than an owner's death. Overall though, the buy/sell clause is a way to keep the ownership of the entity with the existing owners rather than having a third party become one of the owners of the business. So a buy-sell clause, provision or agreements alleviate the concern over what happens if a partner dies, leaves the business suddenly or retires.
November 21, 2023
A: Hello! I understand you want to know how to enforce a partnership agreement. When a signatory/party to a partnership agreement violates any of the terms and conditions contained within the agreement, the other signatory or signatories to the agreement could allege breach of contract, including breaching the covenant to act in good faith. Generally also, court have found that there is a fiduciary relationship among partners. So, another potential claim could be a breach of fiduciary duty. Generally, prior to filing of any lawsuit, courts want to see that there was a good faith effort to resolves issues prior to the filing of a lawsuit. So, if there is a way to resolve the issue without the need for litigation that could save time and money.
November 10, 2023
A: I understand you are asking whether someone can revoke a quickclaim deed. What it sounds like you are saying is whether someone can contest a deed transfer to the other party and reverse the transfer. Generally, in the situation your describe and among other possible procedural options, the personal representative of the estate may be able to file a lawsuit or proceeding contesting the deed transfer, canceling the transfer and have the court order the return the property back to the estate for distribution to the heirs.
November 3, 2023
A: Hello! I understand you are entering into a Purchase Agreement and want to know whether there are any cancellation fees. First, you would read the agreement to see if there is any mention of termination/cancellation fees such as the loss of the down payment if the buyer attempt to terminate the contract. But, generally, the agreement is binding contract. So, if a buyer attempts to cancel the contract, it could be considered a breach of contract. In that situation, the seller can claim damages, which usually results in a loss of the down payment but also could lead to other monetary claims or a claim to attempt to force the buyer to fulfill the purchase (general called a specific performance claim). Separately, in most cases, if the buyer's ability to purchase the property is dependent on getting a secured loan, usually there would be no cancellation or damage claim and the buyer would have the right to the return of the downpayment (this should be outlined in the contract and is usually referred to as a contingency clause). I hope that helps.