Legal Question in Real Estate Law in New Jersey

Re: Closing

Your remedies are determined by your agreement of sale bewteen you and the buyer. You should refer to your agreement before doing anything.

From a practical standpoint, there is an economic consideration of the fact that you now have a buyer. Do you want to go through the hassle of putting the property back on the market?

Please call me to discuss further at (215) 540-2633.

Re: Closing

Depending on the dates specified in your contract and what modifications or alternate agreements have been made since the signing, you may have a breach of contract suit against the purhaser. In that event, the contract may specify what damages you are entitled to and you may have a chance to recover additional damages. However, you need to consider the fact that you have a buyer. Terminating the contract and searching for a new buyer may cost you more time, hassle and aggravation in the long run. If you would like me to review your contract and provide advice based on its terms, I can be reached at (908) 537-7975.

I hope this helps.

Re: Closing

While rights and remedies are spelled out in the contract, the original closing date was probably specified as a target date only, not a time of the essence date. You could give a "Time of The Essence" notice, but it would allow the Buyer 10 days from receipt to close. By then, his rent is just about covered, so he will probably want to schedule a closing. If he fails, you have the remedies under the contract and would have to start a new deal from the beginning. Best is probably to negotiate some compensation for delaying the closing.