Legal Question in Real Estate Law in New Jersey

Cancelling a Home Purchase Contract

I entered into a contract to purchase a home ~75 days ago. I paid for an inspection on the home and inground oil tank. The oil tank is leaking and needs to be removed. There are issues in the house regarding asbestos in the crawl space, mold in the attic, a well water tank in the crawl space, a faulty electric panel, and the side of the house is deteriating. It was agreed that these issues would be fixed by the Seller, however, it has been almost 75 days and they are not completing the requested issues completely or at all. It was agreed the Buyer would receive a credit for the electric service panel and side of the house based on estimates from the buyer's contractors. The seller agreed, but weeks later said the Buyer would not be allowed to do this; the Seller will hire contractors. I have decided after 2.5 months to terminate the contract. The Seller is refusing to sign the letter of acknowledgement and has stated I must honor the contract or they will take this to court. I understand the contract will say a lot, but based on the mere facts they are not completing the agreed upon items in a timely and complete fashion, do I have plenty of justification to null and void the contract? Thanks for your help!


Asked on 10/01/08, 11:49 am

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

Re: Cancelling a Home Purchase Contract

I suggest your attorney send the Seller and their attorney a "time of the essence letter" requiring the Seller to meet the Contract obligations (spelling out exactly what needs to be done)or, failing and refusing to do so, considering the Contract null and void. You do not say how long it has been since the inspection report was issued and what time limits are contained in the Contract, or the language of the Contract on Seller's failure to "cure" defects. This may impact on your right to terminate the Contract.

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Answered on 10/01/08, 11:55 am


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