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Why the NJ Law allow unfair real estate practice that a seller can back out for higher offer ?

The seller had an agreement with me about the price for the condo unit and sent me the contract. Durling the attorney review, the seller accepted another offer for higher price and shamelessly ask if I am willing to pay more. I ended up with paying the attorney review fee for nothing. I don't know why the NJ Law cannot protect the benefit for both side during the attorney review period. At lease, the seller should paid for the attorney's fee for the buyer in this case.
Thu May 15 2008, 14:47 - All locations - Home Buying - 1 answer
 
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Lenny Leung
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Lenny Leung, Home Buyer in
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Jeffrey Schn… was FIRST TO ANSWER
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Lenny,

Checkout the blog in the web reference to this article. It's a good source for an overview of the how and why for the attorney review period. Essentially, since you wanted the benefit of the attorney review, you opened up the option that the offer could be terminated by you, or the seller. This is what appears to have happened in your case. With the benefit of exercising the review period comes the risk that you don't have a fully executed contract that is binding on the seller, and the seller could do what appears to have happened in your case.

Best of luck,

Jeffrey

Thu May 15 2008, 21:46
Web Reference: http://www.njlawblog.com/2004/10/articles/residential-r...
 
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