Legal Question in Real Estate Law in New Jersey

Terminate House contract

Current Status:

I am the buyer.

Signed Purchase and Sale contract for a 4 yr old house.Inspection was done and a structural issue (bowing crack in the pilaster wall) was found in the basement. It was further reviewed by my certified structural engineer and also by the seller's warranty company. It can be surely fixed/cured but I do not want to buy this house due to this deficiency and want to terminate the contract.

Seller is not willing to terminate the contract as he is willing to fix this issue and is still a ''habitable'' property. But I am not comfortable with this issue as this is a major crack/issue.

My attorney thinks it will not be possible to get out if he is willing to fix the issue. But I still want to terminate the contract.

We also have asked how and when they are going to fix the issue but are not replying abt that too.

Closing is on July 17.

My attorney thinks now its time to sue them for releasing deposit money.

What are my options here ?

Thanks


Asked on 7/01/08, 1:18 pm

2 Answers from Attorneys

Bernard J. Berkowitz Berkowitz & Raiken

Re: Terminate House contract

What you are asking for is a second opinion for your situation. Without reviewing all the documents, it would not be possible to that. If you want a second opinion, you need to make an appointment and bring all your papers with you. Generally, however, if a Seller is willing to fix an inspection problem, the deal will stay together. That is if it can be fixed properly and in a reasonable amount of time.

Read more
Answered on 7/01/08, 1:47 pm
Robert Davies The Davies Law Firm, P.A.

Re: Terminate House contract

I hate to say this, but if you can not get an answer from your attorney, then fire the attorney and get someone who can do the job. Many real estate attorneys do NOT fight in court, and have no experience with disputes like yours.

Get your attorney to move, or get rid of the attorney.

To answer your question: if it can be fixed, and reasonably quickly, and Seller can show that it was fully and completely fixed, then why do you not want it?

But, deciding that takes a LOT more information, and a careful review of what is taking place.

Notice that I can not tell you what your rights are, whether you can terminate. That would take a lot more info and a review of the documents to be sure that the problem is what you say it is.

A 'second opinion' over the internet by an attorney who does not have a chance to learn the facts is worthless.

Please call my office if you would like my assistance. I can speak to you on the telephone, but it will take more than just a brief telephone call to assist you with these issues.

My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru. This website, LawGuru, will NOT let me list my phone number in this response.

Disclaimer: Your question and any response does NOT create an attorney-client relationship between you and this law firm. You can not rely on the statements made by an attorney given over the internet. The response that you have received is based only on the small amount of information which you have provided. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.

Read more
Answered on 7/01/08, 2:07 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in New Jersey