Becker Obtains Rescission of Real Estate Property Transaction and Damages for Residential Family

Becker Obtains Rescission of Real Estate Property Transaction and Damages for Residential Family

Becker Shareholder and Chief Strategy Officer Vincenzo M. Mogavero, assisted by Shareholder Martin Cabalar and Senior Attorney Sarah Klein, were successful in rescinding a residential property transaction and securing additional damages in favor of our clients, who had recently purchased a residential property in New Jersey as their first home.

The complaint arose out of claims of fraud, fraudulent concealment, violation of the New Jersey Consumer Fraud Act, and piercing the corporate veil against the seller of the property, an entity that was personally owned and controlled by the broker.  Immediately upon moving into the home, the couple discovered pervasive defects that had been concealed by the seller.

Becker successfully secured a settlement against the listing broker to obtain the rescission of the sale and included additional damages in the form of carrying fees and costs flowing from the defendant’s conduct.  This result offers a cautionary tale to unscrupulous sellers of residential property.