I appears trom the information provided that you should trust what your curent agent is advising and that he/she is hopefully deferring signficant liability advice to an atty. While I am not an attonrney, it appears that you have an option to "opt out." However, before pursing such an option, it is always advisable to consult with an attorney.
Be aware of Realtors that may want to jump on board with you (as a well qualified buyer) in an effort to nullify the current contract in an effort to gain your business.
Love and Peace,
Francesca, Realtor, ePro
Now a foreclosure is a different animal. I just received (Last Friday) notification on one foreclosure that I made an offer on in November! That was pretty crazy...
If you have an accepted offer on a property, then you would be fbreaking the contract, if it is pending or under review, I think you can still cancel... But of course, you need to check with your attorney and get proper information. But, your atorney, may also not be too hapy.. if you ahve him/her jumping through hoops to get a deal done and say.. nah, we want another one... it may cause some issues there too.
Ask you attorney.
Your agent might be correct, BUT...........defintiely check with a reat estate attorney before you proceed. Realtors cannot give legal advice. You might be at risk for losing your deposit money if you break the contract prior to 12/31/09. I can't interpet that line on paragraph 6 in your contract, but an attorney can. As you know, in NJ we have the 3 day attorney review period..... make it work for you, and get that question answered!