Legal Question in Real Estate Law in New Jersey
real estate
We have a three level condo(2 bed/1.5 bath,1 living and 1 family room) Family room,which is in the basement we converted into 3rd bedroom and listed our house for sale as a 3 bedroom house. My buyer saw the house more then once, home inspection was done. Everybody agreed with the price, contract was signed and shortly after, the fire inspector came over and he said there shouldn't be a bedroom in the basement. We then notified our buyers about that issue and they spoke with their lawyer who is now trying to negotiate the price again. The home inspector did not say anything about that, real estate agency did not say anything about that. We are selling the house for a fair price, lower then average price in our area and I feel like they are trying to take advantage of the of the situation. What should I do?
Also, we have a contract on the house we are about to buy, giving us a lot of pressure since we need to move out by the end of next month (there is a contingency).
1 Answer from Attorneys
Re: real estate
This could be a real mess for you and it is impossible to give you good advice without having first looked at your contract, the property listing, and the municipal inspector's report.
My guess is that the objection to using the basement as a bedroom is because the means of egress is unsafe. High, small windows for example. I also guess that the municipality was there either because yours requires a Certificate of Continued Occupancy or because there is a smoke alarm requirement. Which of these is true makes a big difference in your situation.
My advice is to contact a lawyer and get a fully informed opinion as to your options.
See also: http://info.corbettlaw.net/lawguru.htm
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