Legal Question in Real Estate Law in New Jersey

Re: backing out of a real Estate contract.

Since you have an attorney, you should follow his advice. If you do not agree with his advice, you should seek out another attorney for a second opinion. Without reading the contract it is difficult to tell you what may happen. However, they cannot sue you until they know what their damages are. This would be determined by how long it takes to resell the house and if it is sold for less money. In today's market you should not buy a house until you have sold your house. If you want further help, please contact my office.

Re: backing out of a real Estate contract.

I have read what the other attorney wrote, and it seems generally correct.

If you want a second opinion, call me. I do not know where you are located, because you did not state it in your posting. Your situation is very bad, and you need a solution, not just a lawyer telling you that you are stuck with a crazy situation where you will buy a new house and immediately lose it because you can not pay the mortgage. You need a smart and determined lawyer.

If you would like me to assist, please call my office. I am in Hackensack. A half hour consultation will be $75.00. You can then decide how you would like to proceed.

My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.

Disclaimer: Your question and any response does NOT create an attorney-client relationship between you and this law firm. You can not rely on the statements made by an attorney given over the internet. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.

Re: backing out of a real Estate contract.

Mr. Berkowitz and Mr. Davies have given you sound advice.

Your contract governs whether you will lose "only" your deposit if you don't go to settlement, or if the seller also has the right to sue you for damages or to force you to complete the purchase.

Your attorney should be able to show you what your rights and your obligations are as stated in the contract, and then give you options, including explaining the risks of each option, for how to proceed.