The state Supreme Court ruled unanimously that real estate auctions are distinct from typical property sales.
N.J. Supreme Court rules real estate auctions do not require a three-day attorney review like other sales contracts.In a case over a failed home auction, the New Jersey Supreme Court determined real estate auctions are not the same as typical property transactions and do not require a three-day attorney review.Imposing a three-day attorney review on auctions would “fundamentally interfere with the method by which buyers and sellers choose to conduct such sales,” wrote Justice Anne M.
In the 5-0 opinion — with Justice Barry Albin not participating — the justices upheld the Appellate Division ruling that consumer protection objectives were not violated by forgoing a three-day attorney review in Liu’s case, and required Max Spann and Sullivan to equally divide the $121,000 deposit in escrow from Liu.
Max Spann filed a counterclaim against Sullivan for half the funds held in escrow and a counterclaim against Liu for breach of contract.New Jersey State Bar Ass’n v. New Jersey Ass’n of Realtor Boards, A dissent by Appellate Judge Jose Fuentes enabled an appeal to the New Jersey Supreme Court to clarify the issue.
“The Supreme Court’s opinion repudiates the Appellant’s final attempt to throw the kitchen sink at a valid and enforceable contract,” said Pierre Chwang of Wilentz, Goldman & Spitzer, who represented Sullivan. “My clients, who did nothing more than put a home up for sale, can finally receive closure.”
Peter Verniero, a partner at Newark-based Sills Cummis & Gross and a former associate justice, represented Max Spann and argued before the state Supreme Court that if it ruled “yes” on attorney reviews, auction sales would be fundamentally altered.
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