Legal Question in Real Estate Law in New Jersey

Buyers Right to Cancel

As the proposed buyer of a particular property, I was denied a normal mortgage (For not being in business at least 2 years)...Contingent with the contract, This should get me out of the contract and return my deposit. However the sellers attorney has said I could get a no-doc loan at the same low rates and should do so. I do not agree and want my deposit back. Now they want a settlement offer, and my attorney said litigation could cost more than a possible settlement. I don't even want the house any longer and I have already spent 3K on inspections an legal fees. This has gone on for some time and I think I shold litigate. Suggestion?

AG


Asked on 10/28/03, 5:52 pm

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Buyers Right to Cancel

Your right to cancel depends upon the language of the Contract. Did it have a mortgage contingency for a mortgage at standard rates? Did it state that a rejection was sufficient to cancel? Did it allow the seller to assist you in obtaining a mortgage? I would need to see the contingency language to more properly advise you.

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Answered on 10/29/03, 12:06 pm


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