Legal Question in Real Estate Law in New Jersey
Selling the new property before closing
I put down 10% down payment on a new property that is under construction. It won't be closed until 4 months from now. I want to sell the property before closing without going thru an agent. How do I do that? Many thanks.
2 Answers from Attorneys
Re: Selling the new property before closing
Presuming the original contract prohibits assignment prior to closing (and most contracts prohibit this, especially new construction - to bar speculators from scooping up properties and flipping them for a quick profit), you can contract with a buyer to close after you acquire title and close yourself. If the original contract does not prohibit assignment, merely assign your right of purchase to the new buyer. This is a response to an Internet question and the reply is not intended to be legal advice or as creating an attorney-client relationship.
Re: Selling the new property before closing
You sell your contract to purchase, or sell the property scheduling a simultaneous closing. But, if you take the latter approach, you must disclose that you only own a contract to purcase and not the fee simple title to property at the time you go into contract with a buyer.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
