Legal Question in Real Estate Law in New Jersey

Purchase Contract

Refunding a deposit: is there a statue of limitations regarding date for returning the funds to the buyer, if the buyer was denied a mortgage from the mort. broker? If the buyer and seller both refuse to sign for a release of the funds to the other party, what do I do as the buyer to get my deposit back?


Asked on 4/09/07, 11:50 am

2 Answers from Attorneys
Glenn Brown Real World Law, P.C.

Re: Purchase Contract

You bring a suit for the return of the secuirty deposit. Depending on how much is at stake recognize that you might spend the deposit money on litigation costs.

You may also settle with the seller for a split of the funds.

Good luck to you. If we can help let us know.

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Answered on 4/09/07, 12:14 pm
Savyon Grant Law Office of Savy Grant

Re: Purchase Contract

It sounds as if you may have to sue the seller.

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Answered on 4/09/07, 1:30 pm


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