Legal Question in Real Estate Law in New Jersey

No consideration for real estate sale

I am selling a single family home in NJ. On a Friday night, I signed a contract to sell with a buyer to buy. At that time, he did not tender any consideration (the contract called for a deposit of cash at time of signing, to be held by sellers attorney). On Monday, my lawyer still had not received a check or a phone call regarding the deposit. We notified the seller at the end of the day that the contract is canceled since there was no consideration at time of signing. Am I legally able to cancel this contract?


Asked on 2/23/00, 8:38 am

2 Answers from Attorneys
Robert Gleaner Robert A. Gleaner, P.C.

Re: No consideration for real estate sale

A lawyer is permitted to cancel a broker prepared contract within three business days of the date it was signed by all parties. You need to speak with your lawyer about this, since apparently you have hired one to protect your rights. Good luck! Rob Gleaner

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Answered on 2/29/00, 4:22 pm
Walter LeVine Walter D. LeVine, Esq.

Re: No consideration for real estate sale

You have 2 basis for cancelling. First, in NJ there is 3-day attorney review period, in which your attorney may cancel with no reason whatsoever. Second, there was no deposit paid - so the contract can fail for want of consideration.

Have your attorney write a letter immediately cencelling the contract.

Walter

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Answered on 3/01/00, 11:17 pm


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