Legal Question in Real Estate Law in New Jersey

I am in New Jersey. I have a contract to sell my house, my primary residence. The contract is for a cash sale. The closing date in the contract has passed. I issued them a 3 week extension on the contract. The buyer claims they need to sell a piece of land they own so they have the money to purchase my house. There is no contingency in the contract for them to have to sell anything to get the money for the purchase of my house. They claim that they invested the money they were going to use to purchase my house into another property and now need to sell a piece of property in order to have the cash to purchase my house. The buyers put down a 10% deposit to buy my house. The buyers signed a contract to buy a house with cash but they don't have the cash and refuse to apply for a mortgage. If they don't have the money by the extended closing date do I get to keep the 10% deposit?


Asked on 10/22/14, 7:53 am

1 Answer from Attorneys
Larry Raiken Larry S Raiken LLC

It is not possible to answer this question without a review of the contract and any stipulation as to damages for failure to close. I would suggest that you schedule a one half hour free consultation with me and I can give you some direction or you may choose to retain me. Please call 973 808 2003

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Answered on 10/22/14, 8:01 am


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