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Buyer's rights to cancel a contract? How?
In 12/06 we signed into contract for a townhouse under construction. We (with our buyers agent) met with the builder and went over the blueprints and signed the sellers contact for a closing date of 2/26/07. Problems have occurred from Feb 07-Nov 07 and we want to cancel. We have placed 1K deposit and 6K upgrades into the unit. We were told we would have 7-10’ back yard space but once the survey was complete it showed no space. They refused to allow us to pick paint colors as specified in the contract. In 3/07 they sent paperwork stating they were ready to close and set a date. The date quickly went by unable to obtain a certificate of occupancy. They sent 3 other letters stating the same although they did not have a certificate of occupancy. Recently, our lawyer sent them a 10 day notice to cancel stating if they could not close by Nov26 we would terminate the contract and unfortunately for us they now have the certificate of occupancy. What can we to do cancel this contract?
Thu Nov 22 2007, 11:53 - East Orange - Home Buying - 7 answers
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| Debbie Cromer was FIRST TO ANSWER | ||
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BEST ANSWER
Your situation is unfortunate but the best advice is from a REAL ESTATE attorney. Any agent giving you advice is not doing you justice if they don't refer you to such.
Good luck! I would love to see a post from you later seeing how it all turned out. John Davis Jr., Realtor RE/MAX Village Square Direct: 973-944-5038 Office: 973-509-2222 x174 http://www.njpads.com Get Your Customized Market Snapshot http://market.njpads.com Tue Jan 1 2008, 19:29
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BEST ANSWER
I don't think anyone of us here can answer correctly. We can provide some advice but this is really a question for your attorney. As some of the other Realtors have mentioned, I hope you dealt with a Real Estate Attorney who may have a lot more experience than another attorney who specializes in other law. You can also seek the advice of an additional attorney (make sure he/she specializes in Real Estate).
Sun Nov 25 2007, 07:50 Web Reference: http://www.isellroxbury.com
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Contracts are mutual agreements, with performance landmarks such as the property (size, land, space), the building (amenities- paint), the contingencies such as inspections (C0). The written contract trumps most everything such as statements made. Courts do not usually force people to buy property. Your attorney should make use of all the deficiencies in your favor.
Sat Nov 24 2007, 06:46
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We do have a lawyer that specializes in real estate. He is currenlty reviewing the documentation to see if there is a way to cancel. I wanted to find out if anyone knows of the rights that buyers might have in these type of situations as it seems there are VERY few. Even if we have to walk away giving the 1K deposit and 6K upgrades we will!
Fri Nov 23 2007, 08:53
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No question. You need to have your lawyer handle this for you, Jared. If you're not getting straight answers from him or her, get another lawyer who specialized in real estate in your area.
Fri Nov 23 2007, 08:41 Web Reference: http://www.hobokenbesthomes.com
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I hope your attorney is a real estate attorney. They would be the best person to advise you. Althought NJ has a standard sales contract most builder have their own and it protects them not you. You attorney will need to go through the contract to see if there are any other outs for you.
Fri Nov 23 2007, 06:28
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FIRST ANSWER
That would depend on the contract and local law. That is a question best answered by your attorney who is familiar with your situation and the contract.
Thu Nov 22 2007, 11:58
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