Queens, NY asked in Real Estate Law and Contracts for New Jersey

Q: Dvlp contracted my house cash as-is. 5 mo later ( buyer delays), just sent email, no financing, can i keep deposit?

Cost us over $100,000, continued property tax and maintenance and change of market due to rising interest rates. Kept telling us town issues, NOT, other issues, not ours. Talking about finally closing in a week , then Monday got a text saying the deal was over as he couldn’t get financing. It was a signed contract for cash as-is. No response from his attorney. We want to keep the $20k deposit. Can we?

Related Topics:
1 Lawyer Answer
Morris Leo Greb
Morris Leo Greb
  • Rockaway, NJ
  • Licensed in New Jersey

A: Yes, but I suggest you write to contract purchaser that you are declaring that the buyer has violated the terms of the contract. Further, you are keeping the deposit in satisfaction of the losses you have suffered by buyers' failure to perform.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.