Legal Question in Real Estate Law in New Jersey
Rights of the Buyer in a real estate contract Breach event
What recourse does a buyer have when a seller has breached the contract? In this specific incident, the seller was given the opportunity to agreeing to a mutual release of the contract with no adverse repercussions. The seller strongly refused and threathened to sue the Buyer in the event that the buyer breached. After the buyer had expensed a lot of funds,(to document the siginificance of the damages to the property) requested that the seller correct so that closing could occur, The seller backed out of the contract and returned the deposit money. In the meantime, the buyer has expensed a lot of time and money to proceed with the closing that will not occur. What can be done in this case and how should it be done?
2 Answers from Attorneys
Re: Rights of the Buyer in a real estate contract Breach event
Most real property contracts have a particular paragraph concerning remedies for breach, usually toward the end. That is the first level of inquiry; what does the contract say?
Re: Rights of the Buyer in a real estate contract Breach event
I would need more information to answer your question. First, the exact terms of the contract. Second, the sequence of events, what happened and when. Please contact me at 973-890-0400, to see if I can assist you.
Bob Davies, Esq.
Robert F. Davies, Esq.
Davies, Davies & Sandberg, P.A.
37 Vreeland Avenue, Totowa NJ 07512
voice 973-890-0400; fax 973-890-0722
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