Legal Question in Real Estate Law in New Jersey

A house in NJ is being sold as-is by the bank and the home inspection showed major issues such as 8 busted pipes, termites, electrical issues and mold. We signed the canceled escrow release form and now the realtor is saying the bank has the option to fix the repairs. We have told her we no longer want to move forward with this property. Because this is an as-is sale, is it true the bank now has the option to fix the repairs or since we signed the canceled escrow check release as directed are we out of our contract? This realtor is upset because we decided to move in a different direction as many things were not explained properly. In neither the contract nor the cancelation letter did it state the bank had the option to fix the repairs. Again this is an as-is sale.

Asked on 11/19/15, 6:40 am

Jef Henninger, Esq Law Offices of Jef Henninger, Esq.

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I would need more information. Call me to discuss at 1-855-9-JEFLAW

Answered on 11/19/15, 7:54 am

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