Question Details

Lindas, Home Seller in Sewell, NJ

As the Seller we signed a contract on our house sale, and the attorney review period was over 1 business day

Asked by Lindas, Sewell, NJ Mon Feb 2, 2009

ago. I was relocating due to job offer. That offer has been cancelled due to economy. Is there any way out of this contract?

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It's always best to begin in the right place. Our recommendation is to present your delema, through your agent, to the buyers. I'm sure they will be disappointed but hopefully will be understanding and compassionate.

It may be beneficial to present them with a letter documenting your situation. You should be able to back out of the transaction in one of two ways....inexpensive or expensive. We're hoping your buyers can see their way to being understanding.

It's always a good policy to consult an attorney on matters that could involve legal action.

Good luck
2 votes Thank Flag Link Mon Feb 2, 2009
I am surprised at some of the posts I read. In your case. you have an attorney representing you, correct?

I would defer any answer to your attorney, who has knowledge of the documents and transaction, and most importantly, represents YOUR interest. You are paying them, right?

So, not to be unhelpful, please direct your inquiries and concerns to the professionals representing your interests.
1 vote Thank Flag Link Mon Feb 2, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
I am not a lawyer and will not play one on Trulia, but your best bet would be to consult with Real Estate attorney licensed in your state. Be prepared to show proof that your relocation was cancelled & that you are not in breach of any other facets of the contract.
1 vote Thank Flag Link Mon Feb 2, 2009
The contract was delivered to all parties on a Wednesday. Hence, 3 day attorney review was Thurs/Fri/Monday. I received a call from my attorney's paralegal stating we were "out of attorney review" on Friday. Today is that "Monday" the 3 day over because the attorneys agreed...or does it span the whole 3 day time?
0 votes Thank Flag Link Mon Feb 2, 2009
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