‘Falling of the Gavel’: Court Weighing Whether Real Estate Auction Sales Are Final

Though the state Supreme Court has yet to schedule oral arguments, the case has the attention of the real estate industry.

The case Sullivan v. Max Spann Real Estate & Auction that’s pending before the New Jersey Supreme Court poses the question of whether an auction sale contract should contain a three-day attorney-review provision like other sales contracts.

The court also is weighing whether the attorney-review requirement is applicable to contracts prepared by licensed realtors.

Two legal heavyweights are set to square off before the justices on the matter. Peter Verniero, a partner at Newark-based Sills Cummis & Gross and former associate justice, is representing brokerage firm Max Spann. Randall Peach, a principal at Woolson Anderson Peach in Somerville, is representing the auction buyer Mengxi Liu, who appealed the Appellate Division ruling that sent the case to the high court.

Though the state Supreme Court has yet to schedule oral arguments, the case has the attention of the real estate industry.

Verniero predicts that if the court rules “yes” on attorney reviews, auction sales would be fundamentally altered, with the finality traditionally associated with a gavel coming down rendered meaningless.… Read Full Article | https://www.law.com/njlawjournal/2021/10/08/falling-of-the-gavel-court-weighing-whether-real-estate-auction-sales-are-final/

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