Signed Contract taking other offer

[EDWARD M.]

The sellers and I signed the sales contract agreeing on a sales price for a property 2 days ago. The seller's agent called my agent and told him he got a higher offer. Can he drop out contract and take the higher offer after all parties have signed?

[Christopher Phillips]

EDWARD MAURICIO

In NJ, there is a three day attorney review. Either party can back out without any penalty during that period.

In general, a seller can take other offers all the way up until close, but it gets harder to do so without penalties once you're past attorney review and the inspection period. Past attorney review, it would depend on the language of the sales agreement.