A Successful Closing

eal51June 11, 2009

Despite all the negative leaning news in real estate, the son and daughter-in-law will close on their first house tommorrow!!!!!

A couple of last minute items came up today but were cleared up and they're good to go!!!

Enjoy the journey.

eal51 in western CT

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newjerseybt

My friend just received disturbing news on his sister's business building that she sold years ago. The buyer of the building some 4 years ago received a large inheritance and used part of the money ($400,000) to make the purchase. To make a long story short, the business failed and the buyer having financial difficulties sued the original seller stating that the building (In Flemington, NJ) was not worth the $400k. The Judge during arbitration adjusted the principal value of the contract forcing the original seller to return $200,000 of the $400,000. The original seller has now filed for bankruptcy.

My Question: Is contract law pertaining to commercial and residential now all meaningless with these new bankruptcy laws? Is a "successful" closing really a potential ticking time bomb if the buyer later files for bankruptcy?

    Bookmark   June 12, 2009 at 5:50PM
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