Panagiota Nicolaides v. George Nicolaides

The defendant George Nicolaides, a licensed real estate broker, claimed to have purchased a six-family apartment building in 1978 from the plaintiff, his sister-in-law, pursuant to an oral agreement allegedly consummated when he was visiting the plaintiff in Greece, where she was residing at the time. According to the defendant George Nicolaides, who had been managing the subject premises for the plaintiff in her absence, it was orally agreed that the purchase price would be $45,000, $25,000 of which was to constitute a down payment, with the remaining $20,000 to be paid in monthly installments over a 10-year period at an interest rate of 8% per annum. There is no writing evidencing the foregoing terms of sale.