If you put a deposit down for a home purchase but decide not to go forward with the transaction during the 72 hour cooling off period, do you have to have a lawyer write the letter stating that you want to cancel the contract?

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If you put a deposit down for a home purchase but decide not to go forward with the transaction during the 72 hour cooling off period, do you have to have a lawyer write the letter stating that you want to cancel the contract?

Asked on May 12, 2017 under Real Estate Law, New Jersey

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

NJ's right of recission law applies to just a few limited matters and, as a general rule, real estate is not one of them. While it does apply to timeshares, it does not apply to the purchase of a home.


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