Tag Archives: absolute auction sales

Season 2, Episode 1



Title Nerds is excited to begin its second season of exploring title insurance and real estate litigation issues that Riker Danzig attorneys see in our practice.  In this first episode of the new season, co-hosts Mike O’Donnell and Bethany Abele enjoyed drawing on insights from one of our esteemed Of Counsel, New Jersey title insurance guru Vince Sharkey.  Vince provided entertaining conversation about his journey into and through the title insurance world, and some of the significant cases and challenges in his practice, including recommendations for lawyers who represent title insurance companies as to how to effectively approach cases and work well with clients.

Next, Bethany interviewed associate Kevin Hakansson about a case decided on June 9, 2022 by the NJ Supreme Court, Sullivan v. Max Spann Real Estate & Auction Co., 2022 N.J. LEXIS 512.  In the case, the Supreme Court decided that the mandatory three-day attorney review clause that must be included in contracts for sale of residential real estate is not required in absolute auction sales.  The case arose from the auction of property in Bernardsville, NJ, after which the successful bidder was not able to satisfy her obligations under the contract and did not purchase the property, spurring a suit by the seller against the bidder and the realtor who conducted the auction.  At trial and on appeal, the court found for the plaintiff, holding that “a private real estate auction sale is not the consumer type contract contemplated in [State Bar Ass’n], and therefore, the three-day attorney review period is not required in such a sale.”  With the Supreme Court’s affirmation, this is a case that attorneys and real estate professionals need to note before their clients participate in an absolute auction sale.  Listen in for more details and analysis.