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?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 11 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


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption