The New Jersey Supreme Court last week dragged residential real estate contracts out of the dark ages when it ruled that an attorney’s notice of disapproval of a real estate contract may be transmitted by fax, e-mail, personal delivery, or overnight mail with proof of delivery. Noticeably absent from the modes of acceptable notice is that hoary method of reaching out and touching someone: the telegram.» Read More
Let’s say you’ve entered into a contract to buy a piece of property: your dream house, horse farm, or cattle ranch. The price has been negotiated at arm’s length, the contract is signed, you’ve applied for a loan, and you are looking forward to the closing date. The closing date finally approaches, but the seller puts it off. This happens several more times, and you start to get that sinking feeling.» Read More
In football, if you interfere with the receiver trying to catch the ball, that’s pass interference. In basketball, if you impede the forward progress of the player with the ball, you will draw a foul. In baseball, it is illegal to interfere with the runner between the base paths. Are you starting to discern a pattern here?
Much like in some of our favorite sports, it is also illegal to interfere with a prospective purchaser’s contract, or prospective contract, to purchase property.» Read More
In May 2010, I wrote a post about the serious consequences that could flow from a developer’s violation of the Interstate Land Sales Full Disclosure Act (“ILSA”).
Recently, the Second Circuit Court of Appeals rejected a purchaser’s claim that a developer’s technical violation of ILSA gave the purchaser the right to rescind their contract. In Bacolitsas v. 86th & 3rd Owner, LLC, 702 F.3d 673 (2d Cir.» Read More