In order to prevail on a cause of action for specific performance of a contract for the sale of real property, a plaintiff-purchaser must establish that it substantially performed its contractual obligations and was ready, willing, and able to perform its remaining obligations, that the vendor was able to convey the property, and that there was no adequate remedy at law. The plaintiff-purchaser must submit evidence of the financial ability to purchase the property in order to satisfy the ready-willing-able element. Where the contract does not make time of the essence, the law permits a reasonable time in which to tender performance, regardless of whether the contract designates a specific date for performance.
Guzman v. Ramos, NY Slip Op 03798 (2d Dep't June 25, 2025)