Legal Question in Real Estate Law in New Jersey

I bought an apartment in nj straight out cash. It's been a couple months and I have reconsidered living here, and want to sell. I signed an agreement that i would occupy the unit for a year. What happens if I sell it?


Asked on 6/03/15, 8:50 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

I need more information and a copy of the agreement to provide a response. Traditionally, an owner can sell a property whenever the owner wants to sell it. I do not know the nature of the agreement you signed and why it was required as a condition of your purchase. I also do not know what the agreement provides, if anything, as a penalty if you sold it in less than a year. Was this an income tax decision, as you might have taxes involved?

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Answered on 6/03/15, 9:44 am


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