property in NJ. already signed the contract, had the inspection/appraisal. have not sign the commitment letter. can we still get out of the contract?
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property in NJ. already signed the contract, had the inspection/appraisal. have not sign the commitment letter. can we still get out of the contract?
will we lose the down payment?
Asked on June 15, 2009 under Real Estate Law, New York
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
If this is a New Jersey contract, you will lose as much of your down payment as the seller loses in the price of the property to the eventual seller -- and it will all be tied up until that sale happens. Not signing the commitment letter, if you've gotten it, won't help you.
You haven't explained why you want to get out of the contract. I'd recommend that you get into that, and all of the other facts of your situation, with a lawyer in your area, for reliable advice. One place to look for a qualified attorney, in addition to the bar association's lawyer referral service that's in your telephone book, is our website, http://attorneypages.com
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