Legal Question in Real Estate Law in New Jersey

I bought an apartment in nj for cash. It's been a couple months and I have reconsidered living here, and want to sell. I signed an owner occupancy agreement that i would make the unit my primary residence for no less than year. What would the consequences be if I sell it?


Asked on 6/03/15, 10:35 am

1 Answer from Attorneys

Miriam Jacobson Retired from practice of law

It would have helped if you'd had legal representation when you bought the apartment; were you represented? What does the owner-occupancy agreement say about your failing to reside there for the full year? That is probably covered by the agreement. Before you go ahead and sell, consult with a lawyer to find out what your penalties might be, and if you have options for leaving sooner.

THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.

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Answered on 6/03/15, 2:09 pm


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