Property auction. Photo: Gina Jacobs/Shutterstock.com Real Estate Lawyers Weigh In on Ruling Affecting Attorney-Review Period for Auctions
A key factor among lawyers who discussed the issue was the level of sophistication among those buying homes at auction and whether less-sophisticated buyers should be given additional protections.
November 23, 2020 at 05:48 PM
5 minute read
After causing a 2-1 split among judges of the Appellate Division, a dispute over whether to scale back a long-standing safeguard for homebuyers has likewise prompted differing viewpoints among real estate lawyers.
Some real estate lawyers criticized a ruling that the three-day attorney review period does not apply to homes purchased at auction. Others, however, said the majority on the Appellate Division correctly found that the attorney review period does not apply to auction sales.
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