The question presented by this case is the effect of the failure of a realtor to include the address of a buyer in a contract for sale of realty, given sellers attempted rescission based on attorney review, wherein buyer is not given proper notice. The holding here is that seller is excused from strict compliance and rescission is allowed.
This matter comes before the court on cross-motions for summary judgment. At the time of oral argument on the motions for summary judgment, both attorneys asked the court to decide this matter without further proofs. If any issues of fact had to be decided, the court was requested to decide them based upon submissions. Not only do the parties contend that time is of the essence in arriving at a disposition of this case, but the parties also indicate that there is nothing in the way of proofs that they could add.
I have examined the submissions in this case. The facts are straightforward. Plaintiffs, Robert A. Kargen, Renee A. Kargen, Frances G. Forwood and Carolyn Forwood, are residents of Wallingford, Pennsylvania. Defendants, H. Brad Kerr and Sarah J. Kerr, reside in Blue Bell, Pennsylvania. Defendants were, and continue to be, the owners of a single-family home located at 101-34th Street, Avalon, New Jersey. That home in years past was used as the Kerrs' summer residence. In 1990, the Kerrs listed their Avalon home for sale with the Leahy Realty Organization.
On November 25, 1990, the Kerrs entered into a contract for the sale of real estate with plaintiffs whereby the Kerrs agreed to sell the property, including its contents, to plaintiffs for the sum of $475,000. The contract was prepared by J. Richard Ogen, real estate salesman for Avalon Real Estate Agency, a member of the Cape May County Multiple Listing Service.
After executing the agreement, sellers delivered it to buyers for signature. Plaintiffs executed the contract on November 25, 1990. The fully executed contract was then sent by Federal Express to defendants on November 26, 1990 and received by them on November 27, 1990.
Paragraph 32 of the contract provided for attorney review. It states as follows:
The Buyer or the Seller may choose to have an attorney study this contract. If an attorney is consulted, the attorney must complete his or her review of the contract within a three day period. This contract will be legally binding at the end of this three day period unless an attorney for the Buyer or the Seller reviews and disapproves of the contract.
You count the three days from the date of delivery of the signed contract to the Buyer and the Seller. You do not count Saturdays, Sundays, or legal holidays. The Buyer and the Seller may agree in ...