Legal Question in Real Estate Law in New Jersey
I am the buyer in an NJ commercial property puchase (mixed use building). In my contract, I signed that I would obtain a 30 year mortgage or as otherwise available at prevailing rates. (needless to say, this is a very broad term.) I was approved a commercial loan but not shown the term conditions until the same day. Can I be forced to purchase this property with undesirable mortgage terms?! ...Would I be in breach of contract if I did not go forward with the purchase because of these unfavorable loan terms?! Thank you in advance.
4 Answers from Attorneys
Based upon the minimal information you provoded, the short answer is, yes.
Contact a real estate attorney to determine if you can extend the closing dat in order to obtain a mortgage on more favorable terms or if there are any other remedies available to
you.
I concur with the first reply. If the contract provision is a contingency which has been satisfy, the party to the contract must perform as promised, unless there is a defense or other contract provision which will permit non-performance. Please contact me so that we may explore your options and protect your legal rights. 973-921-0600.
Kindly note and remember that my response is merely a general comment on the law related to your question, and NOT legal advice or opinion. Also, your question and my response does NOT create an attorney-client relationship between us. You cannot rely upon what I have written, because I do not have all of the information that I need to advise you or render an opinion. Even simple facts you have not shared can completely change my answer. For me to give you legal advice or opinion, you would need to hire me to be your lawyer, and then we would need to discuss this in detail and go over the documents.
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It would appear to me based on the minimal information you could be sued for breach.
It is not clear, and I would have to look at your contract to tell you anything more. By leaving the contract as 'prevailing rates' you have a very unclear mess on your hands. You should have put in the contract a maximum interest rate on the loan and minimum loan amount, and if you could not get that then you could cancel the deal.
Give me a call, make an appointment to come see me, and let's get moving on this for you. No charge for the telephone call and no charge for the first office visit.
Robert Davies, Esq. 201-820-3460
The Davies Law Firm, P.A.
45 Essex Street, Suite 3 West
Hackensack New Jersey 07601
Phone: 201-820-3459
Fax: 201-820-3461
Email: [email protected]
Website: AttorneyRobertDavies.com
Please keep in mind that my response is just a general comment on your question, and not legal advice. Your question and any response does NOT create an attorney-client relationship between you and this law firm. The exact details of your situation and things that you have not mentioned in your question can completely change the response I gave. You can not rely upon what I have written, because I do not have all of the information that I need to advise you, I only have the very small amount of information that you put into your question. To get legal advice that you can rely on and use, please contact me directly. I would be happy to assist you.
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