Legal Question in Real Estate Law in New Jersey
Breach of contract?
At the scheduled closing for a property I was to purchase, I was informed that a Lis Pendens had been filed involving said property earlier that day by the seller's ex boyfriend. I was unable to complete the purchase due to withdrawl of title insurance policy. Lack of title ins. caused my mortgage company to withdrawl also until matter was resolved. Was I still contractually obligated to purchase this property? How long was I obligated to wait for this matter to be resolved? I did not purchase this property given the cloudy title and am now at risk of being sued for damages by the seller. I had sold my previous home on the day of scheduled closing and was left with my belongings in storage and homeless. The seller did get the lis pendens dropped and made into a personal lawsuit within 4 weeks. In that time I went under contract on another home and was unable to purchase her property. I did not file a ''time of essence'' which I realize was a mistake. Am I at risk of paying her damages because I did not file a time of essence or do I have a valid case against the seller? Thank you for your advise!
1 Answer from Attorneys
Re: Breach of contract?
The seller is responsible to transfer clear title. You may also notice that your contract says that the title will be insurable at customary rates. The seller breached the contract and you are entitled to the remedies that the contract provides for the breach. That probably includes your costs of examining title and other direct costs to that point. It could also include your temporary living expenses and anything else that results from the breach.
If you do make a claim and you have to sue to enforce it, be sure not to forget to name seller's ex boyfriend as a party.
If I can be of further help to you, call or email.
See also: http://info.corbettlaw.net/lawguru.htm
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