New Jersey Lawyers Blog
At first glance, both commercial and residential New Jersey real estate transactions seem to be quite similar. A contract is executed, title work must be checked, lender requirements must be met and the closing must be completed. But, from the initial offer through closing on the transaction, there are significant
differences.
A commercial real estate transaction usually starts with a letter of intent. This is a non-binding preliminary offer which states the basic terms of the anticipated contract and may include a non-disclosure agreement to give the parties security in the knowledge that the information provided will remain private. Under New Jersey real estate law, commercial real estate contracts are not subject to the three day attorney review requirements which control residential real estate transactions. Because of this, the contract will be prepared by one of the real estate attorneys and then negotiated and finalized before it is executed. Once it is executed all parties are bound by its terms.
The contract will usually include due diligence clause during which the purchaser is permitted to conduct inspections of the property and the records related to it. These Inspections can be quite detailed, particularly for industrial property, and can include structural and system inspections, environmental contamination inspections (which range from tank sweeps to phase 2 environmental inspections and compliance with the Industrial Site Recovery Act (known as “ISRA”), reviewing the history of the property, including the environmental history, investigating the zoning rules and regulations against the purchasers’ intended use of the property, performing title searches and searches with the New Jersey Division of Taxation to insure that the Seller is paid current on taxes, and examining records of income and expenses related to the property and/or its leases and tenants. Once due diligence has been completed and the purchaser accepts the property in its current condition, or the parties agrees on repairs, remediation or credits in lieu thereof, the next step is purchaser obtaining approval of any financing, if financing is involved.
has a viable claim for promissory estoppel and may recover “reliance damages” from the prospective employer based on what she would have made had she not quit in reliance on the promise and stayed at her prior job. Promissory estoppel is a legal doctrine which provides that a party should be responsible for the consequences when a promisee relied on its promise and suffers damages when the promisor fails to perform.
(“SPOs”) and the Township’s treatment, which she alleged discriminated against her in violation of the NJPWFA and New Jersey’s 
psychologically fit for the job. Gibbs had attention deficit hyperactivity disorder (“ADHD”). The examining doctor found him unfit because of his ADHD. The psychologists conducting the examination ignored the fact that Gibbs’s ADHD was under control, that five other departments had found him psychologically fit, that he had unblemished records as a police officer and a Marine, and they never explained how Gibbs’s ADHD would interfere with his ability to perform his duties as a police officer.
came into effect immediately, the employment-related provisions are not expected to take effect until the newly-created 
terms of an oral contract are? In the case of 
implications for contractors. The decision is published, so it is precedent for future cases in which contractors challenge the award of New Jersey construction contracts by state and local governments. In this post I won’t dwell on the details of which contractor was right and which was wrong, but rather I’ll focus on the Appellate Division’s examination of the procedures followed, which is a cautionary tale about the ability of New Jersey construction contractors to meaningfully object to the award of public contracts.