Legal Question in Real Estate Law in New Jersey

real estate deal gone bad

I currently hold a contract for the sale of a building. Closing was to occur on or before May 30, 2007...no contingencies. A deposit was to be put in my attorneys escrow account in the amount of 60,000. Bottom line...we still haven't closed and when I asked my attorney for a copy of the cancelled deposit check, he said he never collected it. The buyers attorney (who also happens to be the buyers father and a friend of our attorney) has the money. Is this legal? It sounds like my attorney has breached the contract by not collecting the deposit money back in March.

Thanks for any info.


Asked on 10/18/07, 4:43 pm

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

Re: real estate deal gone bad

Who holds the deposit is a matter of contract. There is nothing inherently wrong with the seller's attorney holding the deposit if that's what the contract says, but it can be awkward as you have found out.

If your attorney is supposed to hold the deposit and does not have it, then I suggest that you make your problem his problem. Beyond that, I would be happy to talk with you privately on the matter, but not in this public forum.

See also: http://info.corbettlaw.net/lawguru.htm

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Answered on 10/18/07, 10:13 pm


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