Legal Question in Real Estate Law in New Jersey

Re: purchser contract

I generally agree with Christine. While you are still in attorney review (usually 3 days but can be extended between the attorneys), you are at risk of losing the deal, as either side can back out without reason. I suspect the check has not been cashed because the contract has not been finalized, including attorney review. Once all terms are agreed to, under the original contract and any changes agreed to during attorney review, the contract is binding, subject to its terms, conditions and contingencies. Until all contingencies are satisified (inspections, mortgage obtainment, if necessary, etc.) the deal can still be terminated, so while there is a moral, legal contract, many things can terminate it before the closing.

Re: purchser contract

I won't repeat what the prior respondents have said except to note that an agreement signed by one party is ONLY an offer until accepted by the other party by their signing and thus, unless the contract states the offer shall remain open for a certain number of days, the Seller can withdraw her offer at any time. In fact, even a promise to keep the offer open may be unenforeceable without consideration but your tender of a depsoit check might suffice although I'd feel stronger about it if that check were in the hands of the seller's attorney rather than yours.

Next, the automatic 3 day Right of Review ONLY applies to realtor prepared contracts. You don't say who prepared this one but if it was the Seller's lawyer , the seller himself or her self or anybody else (who shouldn't BE preparing contracts but that's another issue) BUT a realtor the moment you you sign a contract that has already been signed by the other party it becomes binding.

Finally, I frequently wonder why people post questions here that they should be putting directly to their attorneys. If you don't trust your attorney or he/she isn't returning calls or the like, I'd make one phone call, telll them I'll be there in 15 minutes and my file damned well better be available for me to pick up or you'll hear from the Ethics Committee! Now I am assuming here that the attorney has been given plenty of opportunities to do what is required and has taken far too long and finally, that you have honored your obligations also. If so, I have litle or no tolerance for lazy, inconsiderate OR non-responsive attorneys. They give the rest of us a black eye.

Re: purchser contract

It is difficult to answer your question without more facts. Is your lawyer still reviewing the Contract? Are you still in "attorney review?" If so, then either party has the right to cancel the contract. If attorney review has concluded, then both seller and buyer would proceed with their obligations under the contract. Furthremore, the deposit should be posted in a trust account.