Q: We had a closing date for the sale of a home in New Jersey. On the date of closing the buyer was no where to be found.
The house still has not been closed on and the buyer is no where to be found. As the seller what restitution am I entitled to for my time inconvenience and violation of contract?
A: You are entitled to out of pocket and compensatory damages for your loss and unfortunately, aggravation and inconvenience aren’t included.
Q: We closed on a house yesterday. The purchase price was $164,000 plus $6,500 seller concession for a total of $170,500. The leech field needed to be replaced and the seller agreed to a credit at closing to the septic company to have that fixed.
We signed all the papers and closed, received a check made out to the septic company from the title company. Today my lawyer contacted us saying that the seller didn’t know it was a $6,500 seller concession plus the money for the leech field. They want the check to be cancelled. Can they legally do this? In my opinion, if they don’t understand something, don’t sign until you do. Why should we be stuck to have to pay for this?
A: You are right, attorney is wrong, but we bet there is more to the story.
Q:We signed a contract for a property in Springfield in NJ which was supposed to be closed on 12/24. On 12/17 we were told by our attorney that there is a judgment against the seller and we can not close until seller settles this issue. Since then almost a month has been passed and nothing progressed. Our attorney says that since the closing was on or about 12/24, the sellers has time until 1/24. But now we were informed that even we wouldn’t be able to close on 1/24.
My question is since this is a binding contract, does seller need to settle his issue and close by 1/24 or we need to wait indefinitely until the seller choose to settle his issue?
Also, if I cancel this deal after 1/24, how quickly seller should return our 10% deposit? And is the seller responsible for reimbursing our costs for this deal (home inspection, legal cost etc) since this is due to his non-performance to this binding contract?
A: All dates and delays must be reasonable. Is Judgment for $10, or more than house is worth?
Q:What happens if you you give first half of money for down payment and you change your mind about purchase of property just one day before closing and final payment? Can we get out of deal since on our last visit we realized that we don’t like the property?
A: No. In New Jersey, you have an ownership interest when you sign the contract. You cannot expect the seller to take the house off the market and then one day before closing, the buyers say we now don’t like it “that much”.
Historically 30 to 60 days for a closing. How soon can you close in New Jersey? In days. The wait is for the mortgage as the title can be “run” in hours.
1. Home Inspection – The house that made such a good appearance on your 10 minute walk through, now has a lot of problems. Old roof, electrical, plumbing and heating problems. Mold, asbestos and of course oil tanks are always a problem. (more…)
1. Go over with you why you are buying the house.
2. Whether you paid full price or got it for a steal.
3. When you have to move.
4. Whether you definitely will or will not get that mortgage for the full amount. (more…)
Although anybody can do refinance, anybody could also do an appendix removal, but still I wouldn’t recommend you do it yourself. Attorneys do refinances quicker, easier, faster, work out all problems and situations with your lender and title company, plus you get all the legal advice you want. We charge a flat fee of $575.00 for a refinance and have worked with all the New Jersey lenders, so we’re set up to do them at your convenience for date and time.
What do you need to know if you’re from New York?
1. Why New Jersey? (Only New Yorkers call us Jersey, and leave out the “New” part).
a. housing cheaper.
b. safer.
c. better schools, by far.
d. can always visit the City (and get stuck in traffic). (more…)
Okay, my home inspection listed some things that should be done. Here’s my question, should I let the seller do the work or insist on a credit? (more…)