Home Selling in Union>Question Details

Chuck, Other/Just Looking in New Jersey

Is the contract legally binding after the 3 day period assuming no other additional requests/changes? Sale

Asked by Chuck, New Jersey Wed Sep 24, 2008

has not entered under contract phase just yet. If the seller's lawyer does not respond after the 3 day period, what happens? Can the buyer still back out of the sale without any penalties(i.e. losing their deposit, etc)?

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No, once both buyer and seller sign it, then the 3 day closck starts, if an attorney fails to respond within the 3 days then the period expires and the contract is in force. The only way the buyer could back out is if there is a contingincy such as home inspection or financing. then if they gove notice within teh dates specified on the contract , they may.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Sep 24, 2008
Attorney review starts once both parties have signed the document and you are in possision of this document. If the attorney does not respond to the contract to dissapprove of the contents, as I understand it, the contract is binding and your are "Under Contract"

Of course you should have this verified by your attorney.
0 votes Thank Flag Link Wed Sep 24, 2008
After 3 business days without changes from the lawyers, the contract becomes binding as written. Like any contract, it can be canceled if BOTH parties agree to cancel it. In actuality, lawyers will probably negotiate this for the parties.

Joan Prout, MBA
Broker Associate
306 Grove Street
Jersey City, NJ 07302

201-946-2700 x310
800-671-0596 x1 (direct)
Web Reference: http://www.JoanProut.com
0 votes Thank Flag Link Wed Sep 24, 2008
check with your attorney, this is clearly legal advice you are seeking. In practicality though it is not easy to force a buyer to buy or seller to sell if they dont want to. There are many contingencies in contracts which can give buyer an out.
0 votes Thank Flag Link Wed Sep 24, 2008
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