Rescission for Price reductions

Interesting article in the NY Times about the Rushmore. A drafting error in the plan meant the rescission date was a year earlier than intended (they promised closings BEFORE the first plan year). Bottom line, the error could give all buyers the right to rescind. But in this case, buyers don't REALLY want to walk . . . they just want to renegotiate their buying prices. And this after some buyers... [more]

Interesting article in the NY Times about the Rushmore. A drafting error in the plan meant the rescission date was a year earlier than intended (they promised closings BEFORE the first plan year). Bottom line, the error could give all buyers the right to rescind. But in this case, buyers don't REALLY want to walk . . . they just want to renegotiate their buying prices. And this after some buyers have already moved in. Could this be the future for One Madison? Those 2007 prices of $2,500+/sft look a little hefty post apocolypse. And what happens to those poor folks who close before the developer is forced to renegotiate? Anyhow, article link below. http://www.nytimes.com/2009/07/26/realestate/26deal1.html?_r=1&ref=realestate [less]