Legal Question in Real Estate Law in New Jersey
Contract expired...No new housing found
We listed our house for sale 6+ months ago with a 6 month listing contract which has now expired. We entered into a contract to sell the house 4+ months ago (contiggent on finding a new home) The closing on the home we are selling was to be 12/31/03..That date has long since passed. Is that contract with the buyers of our home expired since the closing date is history and now so is the listing contract date? We really no longer wish to sell our home. We only entered into the contract to sell because we had found a specific house we wished to buy (but the real estate agent failed to tell us it was under contract when we were signing to sell our house) She informed us the next day that the house we wanted to buy was under contract. We would have NEVER accepted the offer on our current home if we had known the house we wanted was under contract. Any help would be greatly appreciated. We cannot obtain honest answers from the real estate agency.
3 Answers from Attorneys
Re: Contract expired...No new housing found
The contract may well still be in force. However, it is impossible to tell on the limited facts stated. Obviously, if you have an attorney, you should contact him or her and ask the question. If you do not, I strongly suggest you contact an attorney experienced in real estate law to discuss the issue. Sooner the better for, if nothing else, your peace of mind.
Re: Contract expired...No new housing found
A listing agreement and a contract to sell your home are two different things. Before anyone can answer your concerns, you need to have your contracts reviewed. Next, before you buy or sell any property and even before you sign any listing agreement or an agreement of sale, consult with an attorney. I would be more than happy to discuss this matter further with you. Please feel free to call my office.
Whether you are buying or selling a first home, second home or a vacation home, a purchase or sale of any home is a large investment and therefore, you should consult with and retain an attorney to represent your interests in buying or selling any real estate.
Blair C. Lane, Sr., Esquire, is admitted to practice law in the State of New Jersey and the
Commonwealth of Pennsylvania. The information contained in this response is intended to
provide general information regarding a general legal question. This information contained in the
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legal advice. Legal advice can only be obtained through a complete consultation with my office
or an attorney admitted to practice law in your State. Any information obtained through this
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Blair C. Lane, Sr. Attorney at Law
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Re: Contract expired...No new housing found
Unless you have cancelled the contract for failure to meet the contingency it may still be in effect. I suggest you immediately send the appropriate letter of termination and return any deposit monies, if not already done. If there were to be a closing (which the termination will negate) the commission would be payable, as the sale was contracted for during the period of its effectiveness, regardless of when the closing took place.
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