Legal Question in Real Estate Law in New Jersey

Re: Signed Agreement of Sale

You asked if you can back out of a real estate sales contract.

It depends on the terms of the contract. In certain situations a seller _may_ be able to back out of a sales agreement. This would be appropriate if the buyer could not perform or if for some reason the seller could not perform for a cause outside the seller's ability to control.

In general, if a seller refuses to perform the buyer can sue for specific performance and damages. That would mean the court could force the sale and cause the reluctant seller to pay any actual damages to the buyer (e.g. legal fees, different interest rate expense, cost of alternate housing while case is pending, etc.).

Another alternative is to buy your way out of the contract. Not only would a reconsidering seller need to buy out the contract from the buyer but would probably have to compensate the real estate agents also.

If you intend to follow any of these routes you need to hire an attorney immdeiately.

Regards,

Roger