Wednesday, November 26, 2008

No Cause Of Action For Buyer's Remorse

Attorney approval provisions--which allow either the buyer or seller of real property to rescind the sales contract within a three day period of execution--are common in upstate New York. A husband and wife buyer who had second thoughts instructed their attorney to invoke the provision. The sellers sued and prevailed on a theory of bad faith. The New York Court of Appeals reversed.The court concluded that the bar association approved language was not subject to a bad faith exception. (Mike Frisch)

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