By Breanna R. Marchesani | Published January 27, 2023 | Posted in Real Estate | Tagged Tags: New Jersey Property, Right of Refusal | Comments Off on When A First Right of Refusal Is Too Late
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When A First Right of Refusal Is Too Late
On December 22, 2022, the Superior Court of New Jersey, Appellate Division decided the case Saadia Square LLC v. SM Logistics Member LLC et. al. This case arises out of a dispute between the parties’ Operating Agreement and the ability to revoke an offer prior to acceptance. The Operating Agreement requires Defendant to offer Plaintiff the right of first refusal to purchase property that Plaintiff intends to sell Read More
Read MoreCourt Rules Proceeds of a Partition Should be Equally Distributed Between Property’s Co-Owners
This week, the Superior Court of New Jersey’s Appellate Division affirmed the Chancery Division’s holding that the net proceeds of a partition by sale of property should be equally distributed between the property’s co-owners. In Gabriel v. Wallace, No. A-2449-21 (App. Div. Dec. 28, 2022), two individuals had purchased a piece of property as tenants Read More
Read MoreLost Profit Claims for New Business Are Now Allowed in New Jersey
For decades new business owners have been precluded from alleging lost profit damages in New Jersey courts. The issue would arise when a lawsuit was filed and a new business owner would assert a claim for lost revenue due to someone else’s wrongdoing. Since a 1936 case entitled Weiss v. Building & Loan Associates our Read More
Read MoreSupreme Court concludes that attorney review period is not a requirement of absolute auction contracts
On June 9, 2022, the New Jersey Supreme Court unanimously decided that attorney review period is not a required contractual provision for a residential real estate sale by absolute auction. In this case, John C. Sullivan v. Max Spann Real Estate & Auction Co. (A-57-20) (085225), Plaintiff John C. Sullivan was trustee to the Sylvester Read More
Read MoreThe Tortious Interference Claim
If you lose a bid for a property despite having submitted the highest financial bid, does this mean that you have a claim for damages against the broker? Maybe not. On April 15, 2021, the Appellate Division in an unpublished decision affirmed a trial court’s dismissal of tortious interference and common law fraud claims against Read More
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