BAR REPORT - Capitol Report
Appellate Division declines to mandate attorney review clauses in real estate auctions; NJSBA sounds off on expungements, DREs in marijuana roundtable discussion
December 07, 2020 at 08:00 AM
4 minute read
Appellate Division declines to mandate attorney review clauses in real estate auctions
The state Appellate Division affirmed a trial court holding that the mandatory attorney review language in real estate contracts is not mandated where the information was made available to potential parties in advance. The New Jersey State Bar Association (NJSBA) submitted a brief in support of mandating such language in Sullivan v. Max Spann Real Estate & Auction Co., Docket No. A-5327-18T1, to preserve consumer protections in residential real estate auctions.
Interpreting the policy behind the contractual nature of residential real estate contracts in N.J.A.C. 11:5-6.2(g) and the mandatory three-day attorney review requirement, the Appellate Division held that the protections to the public, sellers and buyers in typical real estate transactions are not applicable to the "unique circumstances of private real property auction[s]."
"The seller has an interest to sell property in an expedient manner and liquidate their interest," said the court in its opinion. "Potential buyers are encouraged to seek counsel before the auction is held and review their financial wherewithal."
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