At long last, the 2 Vue cases that the Vue lost in Mecklenburg County but were subsequently appealed will finally be heard by the Appellate court! The big day is October 26th and can be found on the court calendar here.
Just to remind everyone: This is the Vue’s appeal of the decision in Mecklenburg County Superior Court that the Vue does not have the right to specific performance (i.e., to force buyers to pay the entire purchase price), but can keep the earnest money if buyers default. The Mecklenburg decision applied to two cases, Jafari and Sherman. The Vue appealed both. The Court of Appeals will hear both at the same time.
For pre-sales buyers, this is huge! If the VUE wins this appeal, buyers can be legally forced to close! Yes, the VUE lost round one. But from where I am sitting, virtually anything can happen in round 2! Which is why you consistent readers have seen a lot of hedging in these posts since the initial court decision. And I can tell you I am as nervous as can be! I have had too many people who I have explained this case to tell me, “well, on the one hand, it looks good for the pre-sales buyers having to forfeit just their deposit but not having to actually close….but on the other hand, there is this case where the Developer was able to convince the court the buyer should close…”
The panel has 3 judges. If the decision is unanimous, this decision is final. If it is 2-1 either way, the loser can appeal to the N.C. Supreme Court. I am told that the court decision will come at some unknown time in the future after this hearing, usually in several weeks or months. Let’s hope for all concerned it doesn’t drag on for months!
Stay tuned! In the meantime, if you have feedback, please write to email@example.com.