Legal Question in Real Estate Law in New Jersey

Contract Termination

We signed a contract to purchase our first home but after inspection was completed, several repairs needs to be done. Seller refused to complete the requests so we decided to terminate the contract. Not knowing that the inspection was done 2 days after the specified time period (10 calendar days), the seller stated that he can potentially sue us.

We just recently found out that our mortgage loan has been declined. Based on this, can we terminate the contract without getting penalized or will this result as a breach of contract?


Asked on 10/28/03, 8:05 pm

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

Re: Contract Termination

This depends upon the language of the contract and if this was a contingency(again a possible date problem). I would need to know what the contract says about being rejected for a mortgage to properly answer your question. If you want, you can FAX me a copy of the contract (973-377-8167)and I'll check it and let you know.

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Answered on 10/29/03, 1:17 am


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