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So Nick Sirianni is Taking us Back to the Superbowl, But What Has He Done for the Real Estate Industry?

The Philadelphia Eagles head coach Nick Sirianni has much to celebrate. While the coach has been on the front page of The Philadelphia Inquirer several times this week, and now having secured a return to the Superbowl, the press will continue, but did you know that at the same time, he quietly won a significant victory in a Burlington County Court?

Earlier this month, a New Jersey Superior Court judge ruled in favor of Sirianni and his wife Brett in a court decision holding that home sellers have a duty to disclose if an outside party has a right of first refusal in a real estate sale. Incredibly, it is believed to be the first such ruling in New Jersey.

Sirianni was hired by the Eagles in January 2021. He and his wife Brett then went house hunting and found a home in Moorestown. The Sellers and Siriannis entered into a contract for $2.3 million; however, the property had a right of first refusal not initially disclosed by the seller. The clause, attached to the property by its previous owner, stated that any future agreements for the sale of the house must first be offered to his daughter for purchase under the same terms, then to his son, and if they both declined, to the family’s trust. That right of first refusal would remain with the property if the Siriannis purchased it.

The Siriannis asked the Seller to eliminate the clause, but while the seller and their legal team were able to waive the clause for the Sirianni purchase, it was not permanently removed from the property. As a result, the Siriannis refused to close on the deal and the home was sold to a different buyer for $1.95 million. The Seller then sued the Siriannis for the $350,000 difference.

After nearly two years of litigation, Judge Eric G. Fikry sided with the Eagles coach in the January 6th decision, establishing what appears to be a new legal precedent in the state of New Jersey, with potential nationwide implications.

Specifically, the court held that a seller has a duty to disclose a right of first refusal, or a buyer can terminate the contract.

The Court also ordered the seller to return the Sirianni’s $100,000 deposit and reimburse their costs for the title search, survey and mortgage application fees. A complete legal victory, with clear precedent for the next buyer in similar circumstances.

The timing of the ruling could not be better because, according to the court docket a trial would have started around the time of last week’s game against the New York Giants. Thankfully, Sirianni was able to fully focus on the game.

This decision will have a lasting impact on the New Jersey real estate market, and we can only hope that Sirianni’s winning streak continues with another Eagles Superbowl victory.

Go Birds!  

Welcome to The Year 2023

It’s the start of a new year, and that means it’s a great time to set some goals for the year ahead. If you’re in the real estate industry, you may be wondering what you can do to make the most of the year ahead. Here are a few suggestions for real estate goals to consider in 2023:

  1. Expand your portfolio: Whether you’re a real estate investor or a broker, one of your goals in the year ahead may be to expand your portfolio. This could mean acquiring more rental properties, flipping more houses, or taking on more clients as a broker.
  2. Increase your online presence: In today’s digital age, it’s more important than ever to have a strong online presence. Consider setting a goal to improve your website, start a blog, or get more active on social media to reach a wider audience and generate leads.
  3. Get your finances in order: As a real estate professional, it’s important to have a handle on your finances. Consider setting a goal to get your finances in order by creating a budget, reducing debt, or saving more for the future.
  4. Build your network: Networking is an important part of the real estate industry, and in 2023, you may want to set a goal to expand your network. This could mean attending industry events, joining professional organizations, or simply reaching out to other professionals in your field.
  5. Enhance your skills: Whether you’re a seasoned pro or new to the industry, there’s always room to improve and learn more. Consider setting a goal to enhance your skills by taking a course, earning a certification, or simply staying up-to-date with industry trends.

Whatever your goals for 2023, the key is to set specific, achievable targets and create a plan for achieving them. With focus and dedication, you can make the most of the year ahead and achieve great things in the real estate industry. Whatever your real estate goals may be for 2023, contact Bergmann Law, LLC to help you reach those goals. 

Appraisal Institute – Metro NJ Chapter

We are in the lineup for this year’s Fall Conference! The program has been approved by the Appraisal Institute, and additionally approved for 7 CE hours by the New Jersey State Board of Real Estate Appraisers, the New York State Board of Real Estate Appraisers for 7 CE hours and approved by the Insurance & Banking Commission for NJ Real Estate Continuing education for 7 elective CE hours. Approved by the State of New Jersey Tax Assessor Continuing Education Board for 4 appraisal hours & 3 administrative hours. Purchase tickets on the Metro NJ Chapter website here: https://ainewjersey.org