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So often Buyers confuse when their 10% deposit is due, and the contingency date for the resolution of Home Inspections. Most Buyers think the deposit isn't due untill all the Inspection issues have been resolved. Wrong! As per the standard New Jersey Contract of Sale, the remainder of the full 10% deposit is due, in most cases, 10 Days from the end of the Attorney Review Period. Period! If the Inspection issues can't be resolved, the deposit will be returned to the Buyer. We no longer have a "Liquidated Damages" clause in our contracts so, the Seller really can't keep the deposit … (0 comments)
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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