Legal Question in Real Estate Law in New Jersey

Re: bid on more than one house

If you plan on using the deposit money from the first contract, you'd better wait until you and the seller have signed a release permitting the realtor to refund the deposit to you.

If there was no realtor, you'll have to get the seller to release you from the contract and refund the deposit.

If you are not released, the seller could sue you to force you to go through with the purchase.

Since you say there is a problem with the oil tank, unless the issue was raised in writing with the seller within the home inspection time [you did have a home inspection contingency, didn't you?], you may have lost the right to cancel the contract.

To protect your interests, you should consult with a real estate lawyer in your county, if you do not already have a lawyer.

Re: bid on more than one house

I agree with Miriam. Not having seen your contarct and what it provides as to these issues, it is possible that if the Seller is willing to resolve the problem he can hold you to the contract. Presuming the problem is resolved and you refuse to close on the contract you could be sued for any of the Seller's damages. I suggest you wait until you are formally allowed out of the urrent contract, this is spelled out in writing and your deposit is returned.