Legal Question in Real Estate Law in New Jersey
Attorney reivew time expired - how can seller cancel contract?
I'm trying to buy a house in Jersey City. The 3 days for attorney review expired and there was no word from the Seller's attorney or the Seller on the minor changes my attorney faxed - although the Seller's attorney agreed verbally that there was no problem, but needed to talk to the Seller.
If the Seller (or her attorney) did not cancel in writing and the time expired, is the original contract binding without the requested changes? My realtor mentioned that the Seller received a higher written offer on the last day of attorney review and wanted to accept it, but did not see or receive anything to cancel our contract.
Thanks for any help
2 Answers from Attorneys
Re: Attorney reivew time expired - how can seller cancel contract?
It appears that the original contract has passed attorney review, with an open question on the proposed changes, depending upon how the change letter was worded. I suggest having your attorney write a confirmatory letter, sending it by certified mail, return receipt requested, stating his position on the contract and the proposed changes. See what happens. It is possible, if his letter said the contract was rejected subject to the changes being approved, that the other side could interpret it as a rejection and voiding the original. Without seeing the letter, I can only speculate on how it was interpreted.
Re: Attorney reivew time expired - how can seller cancel contract?
It would seem obvious that these are questions that you should direct to the attorney that you have already working on this transaction.
Ordinarily, attorneys send proposed contract modifications in letters with language that says, "If you do not accept these changes, the contract is cancelled", or words to that effect. If so, silence from the other party could be construed to mean the contract is considered cancelled. It all depends on what was in the correspondence exchanged between your attorney and the other attorney, as well as perhaps on oral communications such as phone calls.
You really need to speak with your attorney to find out whether you have a binding contract to purchase this house or not.
I strongly recommend that you consult with an attorney immediately so that you can explore your legal rights, obligations, and options. If you wish to discuss retaining my services, contact me at:
(973)-605-8995
(*Licensed in New Jersey, Maryland, and Dist. of Columbia)
[Disclaimer: The above comments are not intended as nor should they be relied upon as "legal advice", which can only be obtained by personal consultation with a retained attorney; at which time the specific facts and circumstances of your case can be thoroughly evaluated. This reply is provided for general informational and educational purposes only, and does not create an attorney-client relationship with the responding attorney.]
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