Legal Question in Real Estate Law in New Jersey

Re: binding sales contract broken

If your contract is typical of the residential realty contracts for the South Jersey area, you may retain the deposit money and may also sue for any other money damages to which you are entitled. In this market, that could be substantial so you shouldn't be too quick to settle for just the return of the deposit unless you have another buyer.

My advices is that you should not sign any papers to settle the matter without consulting a lawyer. You might make a claim against the deposit money and you should certainly tell whom is holding it that it should not be returned to the buyers, but don't give anyone a release except on the advice of counsel.

My firm handles matters of this type. If I can be of further help to you, call or email.

See also: http://info.corbettlaw.net/lawguru.htm

Re: binding sales contract broken

The Realtor is not permitted to release the deposit back to the Buyer, or to you, until both you and the Buyer sign a release.

If the Buyer completes the closing on the sale of their home, they have no reason for not going to closing with you -- unless there are other circumstances that aren't included in your question.

Check to see what your Realtor and your attorney advise.

Unless the Buyer resolves this to your satisfaction, you will need a lawyer to advise you.