Legal Question in Real Estate Law in New Jersey

Loss of deposit due to contract not being met
Five years ago, my husband and I signed more than 1 contract with a business to have a house built. Do to many problems the contract was re-written several times. The last contract we signed the business agreed to build & sell a house to us by a certain date. We gave them a deposit which is indicated in the contract. Several months after the date of completion on the contract the house was still not completed. Our mortagage company would not give us the mortgage we were approved for until the house was completed in it entirety. So instead we bought a house from someone else. Since we never received our deposit back we consulted a lawyer. Our lawyer told us the business was filing bankruptcy and we could not get our money back. Several years later we found out the business is still active and it never filed bankruptcy. Is there any legal way we can get our deposit back?

Asked on 12/30/05, 5:27 pm

3 Answers from Attorneys

Edward Fronczkiewicz, Jr. Miksch and Fronczkiewicz

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Re: Loss of deposit due to contract not being met

In order to give you a competent answer a review of the contract documents would be nessecary.

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Answered on 1/04/06, 2:31 pm

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Walter LeVine Walter D. LeVine, Esq.

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Re: Loss of deposit due to contract not being met

A review of the final contract would be required before making suggestions. An analysis of the default provisions is required. If the builder defaulted, a suit is required. Time may be against you, as the concept of "laches" (delay in starting suit) might be a defense asserted. I suggest you contact a real estate attorney who has litigation expertise also.

Answered on 1/03/06, 11:40 am

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