Not only did Philadelphia Eagles head coach Nick Sirianni win the Super Bowl last night in blowout fashion, but he has also had recent success in the New Jersey courtroom. His real estate endeavors have set a significant legal precedent in New Jersey’s real estate law.
The Siriannis had agreed to purchase a home in Moorestown, New Jersey. However, they discovered a “right of first refusal” (“ROFR”) clause attached to the property. This clause was not initially disclosed by the seller and granted the previous owner or their family members the right to repurchase the property under specific conditions, potentially complicating future transactions.
Upon learning of the ROFR, the Siriannis sought its removal. While the seller agreed to waive the clause for their purchase, it remained attached to the property. Unwilling to proceed under these conditions, the Siriannis terminated the contract. The seller subsequently sued for breach of contract, seeking damages for the difference between the agreed-upon purchase price and the property’s resale price.
In January 2023, a New Jersey Superior Court judge ruled in favor of the Siriannis, establishing a precedent that sellers have a duty to disclose any ROFR clauses attached to a property. The court determined that the seller’s failure to disclose the ROFR entitled the Siriannis to terminate the contract and receive a refund of their $100,000 deposit, along with reimbursement for title search, survey, and mortgage application fees. This ruling underscores the importance of full disclosure in real estate transactions, a principle that has been well litigated in Florida for decades.
Cotzen Law is well versed in real estate litigation, including obligations that buyers and sellers have in real estate transactions in Florida.
