Legal Question in Real Estate Law in New Jersey
Who keeps the deposit if a buyer cancels contract?
I am dealing with a buyer now that has made an accepted offer but is delaying contract. It usually is signed right away. This has been going on for a week, and they claim they want the house but have not submitted a written contract yet. My Realtor keeps telling me they will.
My question is if they do and we go into contract, who keeps the deposit if they want out. I'm only asking this because of the way this is being handled. This is the 3rd house I am selling, and this is the 1st time I have seen this.
1 Answer from Attorneys
Re: Who keeps the deposit if a buyer cancels contract?
I see from your posting that you are in Englishtown.
You need an attorney now, and you want the attorney to be ready to amend the contract as soon as everyone signs it. the amendment should include clear language preventing the buyers from simply walking away and taking their deposit. and you want a substantial deposit, because of the uncertainty caused by their delays.
I would be happy to help you, but i am a bit far away. still, call if you would like.
I am in northern New Jersey. My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.
Disclaimer: you can not rely on the advice of an attorney given over the internet. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.
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