This was originally published on the SGR Blog.
Heung C. Rha and Suhn O. Rha agreed to purchase the property located at 16-17 Bell Blvd., Bayside, New York from Alessio Blangiardo pursuant to a contract signed on October 23, 2014.
The Rhas obligations under the contract were conditioned upon their receipt of a written mortgage loan commitment on or before November 30, 2014. And the Rhas tendered a $110,000.00 down payment, which was deposited into nonparty Salvatore E. Strazzullo, Esq.’s escrow account.
The contract included an Internal Revenue Code Section 1031 Exchange Addendum in which the parties acknowledged that the Rhas intended to purchase the property as part of a tax deferred exchange.
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