Legal Question in Real Estate Law in New Jersey

Our realtor had our house sold. He had a contract signed by the buyer with a deposit on Jan 21st. He emailed it to us, we signed and emailed it back. The 3-day lawyer period was over. The settlement date was set for Feb 16th. Hard copys are in the mail as we speak back to the realtor. Today on Jan 27th the realtor called and said the buyer is backing out and not buying the house. Can he do this?

Thank you.


Asked on 1/27/11, 2:31 pm

1 Answer from Attorneys
Anthony Bufano Law Office of Anthony P. Bufano, Esq.

I would need to see a copy of the contract to determine what rights the buyer has to cancel the contract. Assuming the contract was executed by both parties, delivered and attorney reveiw was in fact over the terms of the contract would dictate what contingencies and rights the purchaser may have. Such as a mortgage contingency, due diligence period, etc.

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Answered on 2/02/11, 7:48 pm


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