Legal Question in Real Estate Law in New Jersey

should be returned. call me if you need help getting your money back.

Robert Davies, Attorney

201 820 3460

That depends entirely on what the contract says. In some cases the buyer loses the deposit and can cancel the contract. In some, the buyer gets the deposit back. In others, the buyer is still obligated under the contract and can be sued by the seller for damages if buyer is unable to go forward with other financing. Those kinds of differences are one reason why buyers should always be represented by a lawyer and why the lawyer should always review the contract before it becomes enforceable. The time to address contract issues is before the contract takes effect.

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

It depends on what the contract says.

I agree that the contract language controls. Usually a mortgage contingency clause contained in the contract states that if a firm mortgage commitment is not obtained by a certain date, the contract can be voided and all deposit moneys returned.

If there is no mortgage contingency in the documents supplied by the broker, you may have to sue the broker.