Legal Question in Real Estate Law in New Jersey

In a nutshell... once all the contract contingencies (if any) have been met or expired. Please feel free to contact me ASAP 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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If there are no Realtors involved, the deposit is at risk the minute the buyer gives it directly to the seller.

If there are Realtors, and if the seller is honest and dealing in good faith, then:

- if the buyer does not meet deadlines,

getting inspections done and notifying the seller what the seller should do to satisfy and inspection deficiencies;

- if there is a mortgage contingency and the buyer doesn't apply during the time specified, or doesn't exercise the option to cancel by the deadline for commitment, if no mortgage commitment is received, the deposit may not be returned.

- if the buyer does not make settlement on the property by the settlement date

in all of those cases the deposit would not be returned.

THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.