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Real Estate Deals Gone Wrong

The ageless advice to read, understand, and expect to be bound by language in a contract you sign is as sound now as ever. It is especially important with respect to contracts to buy real property, where the financial stakes are often high. Jerome contracted to buy property, delivering a $5,000 deposit to be credited toward the purchase price. An addendum to the contract agreed to by the parties stated that in the event the seller breached the agreement or defaulted, Jerome was entitled to the return of his earnest money and cancellation of the contract, as his “sole and exclusive remedy.” Read more

Property Law: Standing of Mortgagee Assignee to Bring Foreclosure Action

Both state and federal courts have recently decided numerous cases addressing the issue of standing to bring a foreclosure action. Defendants to foreclosure proceedings often have few defenses, but they should closely scrutinize the ability of the plaintiff to bring the complaint if the plaintiff is allegedly an assignee of the noteholder and not the original lender.

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