Legal Question in Real Estate Law in New Jersey

Real Estate contract question

I signed a contract and put $1,000 deposit on a piece of property in June, 1999 and to settle in September 1999.The realtor added an addemdum to the contract that extended the settlement date until February 2000 because he couldn't get Pineland approvals to subdivide the land. He is trying to re-divide 6 lots into 4 larger lots with road frontage. Since that time the only contact was instigated by me. Now after 3 1/2 years of waiting for approvals he wants to raise the price higher than the purchase price on the contract! My question is 'Can he raise the price if I have a signed contract with a purchase price?' The contract also states that he is responsible for all state, county and local approvals


Asked on 1/28/03, 9:37 pm

2 Answers from Attorneys
Savyon Grant Law Office of Savy Grant

Re: Real Estate contract question

If you have a valid contract the terms at this point cannot be changed. I assume you have an attorney representing you. If not, you need to hire one right away, to protect your rights. If this matter is in Northern NJ, I would love to assist you. I can be reached at 201-646-9600.

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Answered on 1/29/03, 10:33 am
Walter LeVine Walter D. LeVine, Esq.

Re: Real Estate contract question

If the contract specified what was to happen as a pre-condition to the closing (the approval you describe) it is binding. You may have the right to bring a suit for specific performance of the contract if all approvals have now been obtained.

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Answered on 1/29/03, 10:38 am


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