Home Buying in 08536>Question Details

emailev, Home Buyer in Plainsboro, NJ

I signed a contract today with 1000.00 deposit Ito purchase a house, remaining of my 10% is due in 4 days, and I have until 5 of March for inspection

Asked by emailev, Plainsboro, NJ Wed Feb 27, 2013

Is there anyway I am able cancel this offer the agent just told me the seller has accepted my offer and my agent has the sellers disclosure I need to read and sign.I feel this is happening way too fast for me, and would likto know if I have a right to retract my offer within 48 hours or so?

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Answers

9
You don't need an attorney in NJ, so most people end up signing contracts with Realtors. I would simply talk to your Realtor and see what they say. If you get an unfavorable response, go see an attorney and see what your options are.

Aside from this, you should try to evaluate just how ready you are to buy a house. Why are you worried about it? Agree to a price you feel comfortable with, on a house you like that's located somewhere you're ok living in. If your good with all that then maybe this is the right move? Think about what you really want.

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
2 votes Thank Flag Link Wed Feb 27, 2013
It makes sense, thank you. I'm just leery because I moved so quickly and now I am thinking I should have at least check in Vero Beach it is larger places for same price...and on the one I signed I wonder if the monthly fees (its a townhouse) will be making my budget too tight. thanks again for your sensible advises
Flag Wed Feb 27, 2013
Please inform your Attorney right away. You should be able to back-out until the Attorney review process is concluded.
0 votes Thank Flag Link Tue Apr 9, 2013
Hi,

Notifiy your attorney immediately as sales contract become legally binding after 3 days. It would be best if you consult your attorney to make any changes or to cancel the contract.

I am an Agent in the West Windsor Plainsboro area, so you can reach me directly if you have any questions at 609-606-5077

Best wishes,
Sweta

Mahasweta "Sweta" Ganai
Keller Williams Realty
0 votes Thank Flag Link Sat Mar 2, 2013
It depends on whether or not you are out of attorney review. If you are still in attorney review, you can cancel your contract without any legal or financial ramifications. Contact your attorney asap and let him/her know.
But, if you just need some more time, ask for it. Have your attorney amend the contract with terms that make you feel more comfortable.
Remember that while you are in attorney review, either party can back out--so if you love the house and another offer comes in that is better than yours, the seller can do the same.
Good luck!
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Fri Mar 1, 2013
while its true attorneys are not required in NJ as Javier points out, they are required if you intend to make changes to or cancel the contract during the attorney review period. Perhaps it is different in NY. Get an attorney today!
0 votes Thank Flag Link Thu Feb 28, 2013
Ev:

Get your Realtor to pair you up with an attorney or I could give you some contacts of the loca attorneys.... I work in WWP area.

Trupti Gandhi
Keller Williams
609.903.8903
0 votes Thank Flag Link Thu Feb 28, 2013
In north Jersey attorneys are generally used, in south Jersey not so much. According to MY attorney, the only way to cancel a contract and/or alter the contract is with an attorney in attorney review.

I am not an attorney, and you should call one for a consult.
0 votes Thank Flag Link Thu Feb 28, 2013
I'm not an attorney and this is not to be construed as legal advice. I'm assuming if the seller just accepted your offer it didn't start attorney review yet? Do you have an attorney? Notifiy your attorney immediately to cancel the contract. If not the sales contract becomes legally binding after 3 days and if you do not have an attorney you will not be able to make any changes to or cancel the contract unless the seller agrees.

Have you told your agent you want to cancel the contract?
0 votes Thank Flag Link Wed Feb 27, 2013
Is there an attorney involved? You could ask an attorney to guide you...

Trupti Gandhi
Keller Williams
609.903.8903
0 votes Thank Flag Link Wed Feb 27, 2013
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