NJ High Court To Weigh Atty Review Rule For Auction Deals

Law360 (May 7, 2021, 8:53 PM EDT) -- The New Jersey Supreme Court will dig into a split state appellate decision that real estate auction sales contracts do not need to include a provision enabling reviewing attorneys to cancel a residential sales agreement within three days, a ruling that barred a would-be buyer from recouping her $121,000 deposit.

The justices will examine a 2-1 appellate ruling from November that shot down Mengxi Liu's argument that her contract was unenforceable since it did not contain the three-day attorney review clause required under the state Supreme Court's 1983 opinion in N.J. State Bar Ass'n v. N.J. Ass'n of Realtor Boards, according...

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