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I recently signed a contract to purchase a home in NJ. The sellers signed the contract and we are now in the "Attorney Review Period". Can I have the contract reworded by any attorney during this time to help me get out of the contract? There is another home that I would like to purchase and I want to be able to void this contract. I am just looking for the easiest way to void this contract at this point in the sale without losing too much money. (I did give a good faith deposit).
Hello mel:Quote:
Originally Posted by melkev
It depends on what the attorney review phase is and what the sales contract says you can do during this period. Did you have an attorney write it or review it before you signed it?? If you had, any attorney worth his salt would have written in numerous contingencies that would have allowed you out with NO penalty whatsoever.
It's kind of difficult to bring an attorney into the MIDDLE of a situation and ask them to rescue you from yourself. Indeed! You think you might only lose your deposit. Instead, you may have purchased a house you don’t want
excon
If you have a halfway decent attorney then you should be able to cancel the contract during the review period. But you can't wait. It has to be done immediately. So make sure that you see an attorney first thing Monday morning and make it clear to them that you want to get out of this contract right away.
Normally this period is to see if the contract follows all of the state laws and that all the terms are legal.
And if this offer give them the review right ? Since it was you making the offer and they are reviewing your offer.
So honestly no I don't think you have any rights to change the offer (YOU) made, they have the right to come back and ask for changes, counter offer, if they do that, then the original offer can be voided. But if they accept the offer as written, there is little hope there.
Are their clauses in it, that makes it depend on home inspection and the such, if so, if you demand payment on every home issue, they may still back out.
But once you enter into the contract, you will end up paying the penalty if you back out.
It states that the buyer can have an attorney review the contract for 3 days, after which, the contract becomes binding unless the attorney reviews and disapproves of the contract. Can the attorney simply adjust the wording within the contract during this time?Quote:
Originally Posted by melkev
That's not the case, Chuck. In NJ the attorney review clause allows both the buyer and the seller to have an attorney review the contract and "disapprove" of it. Then the attorneys negotiate clauses that would make the contract acceptable to their clients. It doesn't matter who made the offer. I don't recall the exact language but I believe that the buyer's attorney may be able to terminate the contract during the review period for any reason whatsoever and the deposit must be returned in full.
So "any reason" could simply be that the buyer changed their mind?
The truth is that the home is 103 years old and requires mch renovation. After thinking about it -- I just don't think that I want to put in all that time in home projects to make it a great house,. I think that I can find another home that is more updated for the same purchase price.
I'm not promising you that you can cancel the contract for "no reason" at all. But you probably can. Just make sure you speak with an attorney first thing Monday morning and explain why you want to cancel. If I were the attorney I would probably send a notice cancelling the contract on the basis that, after further review you determined that you couldn't afford the house.
Would the sellers demand proof that I can't get the mortgage agreement? I would be aproved for the mortgage, but not really have the finances for all the updating that is needed.
I am wondering if I should proceed to the home inspection, as suggested from another responder, so as to push all "material defect" items from the home inspection onto the seller to hope that they will back out of the deal.
I will consult an attorney on Monday morning -- I suppose that is the best option. Thanks to everyone for the thoughtgul advice!!
No, you shouldn't have to provide any financial proof during the attorney review period. And I would definitely not wait until the home inspection! Just tell your attorney that you need to get out of this contract now, during the review period.
Thank you so much for your help!
Lisa -- do you practice in South Jersey? :)
Sorry. North and Central only. :)
Hello again:
Who knew Jersey was so big? Go figure.
excon
Yes, Lisa is good, if she was in TN I would be keeping her busy here.
But I will agree, I did not know it was that big either. I guess just in comparison, for example from east to west here in Tennesse it will take allittle over 8 hours to drive from one end of the state to the other
But I bet if they paid her enough she would practice in south jersey.
It's not the size, it's the density. :) It would take me about 2 to 3 hours one way to get to South Jersey. And that's without traffic. No one is going to pay me enough to make it worth sitting in the car in traffic for 6 hours. :)
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