Home Buying in Elizabeth>Question Details

Cantaffordit, Home Buyer in Elizabeth, NJ

I am under contract but just found out that the RE taxes are almost 1400 more than what the mls listing said

Asked by Cantaffordit, Elizabeth, NJ Thu May 14, 2009

it was. how can I get out of this contract without penalty?

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If the additional cost will be a burden to carry, you have reason to back out but you should discuss the options with your attorney, don't want to be practicing law without a license now but if your mortgage company was using the wrong tax amount as well to qualify you for a mortgage, it may make a difference but I doubt it because the difference only comes out to an additional $117 a month but ya never know, check with the mortgage rep as well as with your attorney.
0 votes Thank Flag Link Mon Jun 8, 2009
This recently happened to one of my buyers. We got to closing only to find out that the taxes were misrepresented. It was not, however, an error on the listing agent's part. The tax information we received from our MLS provider, provided the wrong information. The attorney got the information from the town to do the paperwork, and there was a conflict.
My buyer had no choice but to close, I don't know what you legally can do to get out of your contract. You need to discuss it with your attorney asap.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Fri May 15, 2009
Cantafordit: First, just get out by stating your position with the seller. Your agent should be able to help there. Some things are easier than they seem, if only you would be firm and tell the seller that the place is just not as advertised, which it is not.

If that doesn't work, an attorney is the next step and I would bet that he could straighten things out in your favor (less the fee you will pay him) in short order.

Bill Holt
0 votes Thank Flag Link Thu May 14, 2009
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