Home buyer gets back his deposit

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

What's a home buyer to do when the real estate purchase contract says one thing and the seller says it doesn't?

Some contracts for the purchase of real estate allow the buyer to cancel the purchase due to various contingencies.  The best known is the "mortgage contingency" where, if you don't get a mortgage within a certain  time frame, you, and sometimes the seller, can cancel the contract.

A recent court case involved a more difficult contingency - one where the buyer can cancel if she doesn't sell her present home.

For many attorneys representing sellers, this is a no-no.  But not in RIVERMOUNT DEVELOPMENT LLC VS. LIVINGSTON, et al, where the contract contained such a clause. When the buyer acted upon it, the proverbial stuff hit the fan.

In the end, the buyer won, but I can't imagine the costs to the buyer and its attorney financially and emotionally.

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

@vestedland

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