Question - Getting out of contract

Asked by Jason, Secaucus, NJ Wed Oct 15, 2008

Hi There,
We put an offer, signed the contract but the seller couldn't provide the necessary documents before the closing. So we gave them almost 3 weeks and sent a letter to the seller's attorney giving the deadline. Now deadline is passed and the seller didn't provide us the necessary documents yet. Our lawyer sent out the letter saying we terminated the deal as we didn't receive the documents. Now, Do we have to wait for the confirmation from the seller's attorney regarding this? Should I start hunting for the new house? Can I get my deposit money back or I have to wait for the confirmation from the seller's side?
Thanks,
Jason

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5
Jeanne Feeni…, Agent, Basking Ridge, NJ
Wed Oct 15, 2008
Hi Jason, consult your attorney - deposit monies are generally returned after agreement of termination of the contract and agreement to return the monies.
Web Reference:  http://www.feenick.com
0 votes
William Leigh…, , New Jersey
Wed Oct 15, 2008
Jason: In all matters legal, your lawyer is the one to ask. I presume that the "deadline" that he defined was a time of the essence date. Ask him. Even if so, and you are out of the contract, getting the deposit back rests on three conditions; Seller agrees to let it go, IN WRITING, you conclude the deal or a court order is obtained in your favor. While I have seen (once) an escrow holder return moneys without the above, they risk severe penalties if they do. I hope you didn't have too much down and that you can go on with your search while it all gets straightened out.

Best of luck
0 votes
Jillian Mason, Agent, Monroe, NJ
Wed Oct 15, 2008
Hi Jason. As the others said, contact your lawyer. There's no harm in beginning to look again, but be sure to clear everything with your lawyer before making another offer. If the sellers do provide the documents, you may be bound by the contract. Best of luck!

Jillian Mason-Sales Associate
Direct: 732-586-5488
E-Mail: jillian@jillianmason.com
Web Reference:  http://www.jillianmason.com
0 votes
John Davis, Agent, Caldwell, NJ
Wed Oct 15, 2008
These are all great questions, however should be directed to your lawyer as they will have the most complete information specific to your transaction.

Cordially,

John W. Davis Jr., VREP
RE/MAX Village Square - Upper Montclair

Direct:973-944-5038
Office: 973-509-2222 x174
Fax: (973) 486-2137

http://www.njpads.com

Community Information: http://community.njpads.com
Customized Market Information: http://market.njpads.com
Web Reference:  http://www.njpads.com
0 votes
NonRealtor, , 23456
Wed Oct 15, 2008
Ask your lawyer, that's why you hired a lawyer. Wait a year to buy, save another 20% on the price. Why are you in a hurry to purchase? Good Luck
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