Top 5 Things Buyers Need to Know about New Jersey Real Estate Contracts
Signing a Real Estate contract can be stressful. It is always a good idea to have your Realtor take you through the contract paragraph by paragraph so you have a general understanding of the legalities. Here are 5 of the top things a buyer needs to know about a New Jersey Real Estate contract.
Attorney Review: In the state of New Jersey, when a consumers signs a real estate contract through a Real Estate Agent, there must be a right to cancel the contract, in 3 days, by an attorney. This 3 day period is called an Attorney Review. During these 3 days, either the buyer or the seller can break the deal for any reason or no reason at all. So for buyers, if your offer is accepted, the sellers have a right to take any other offer that comes in during that time period. And if a buyer wins a bidding war, final and best… it is not official until Attorney Review has concluded. Attorney Review can be shortened or extended.
Dates on Contract: There will be a number of key dates listed on the contract: Inspections, Deposits, Mortgage Commitments and Closing Date. It is important to note that dates are ‘target’ dates and can move as long there are good faith attempts to perform. Closing dates seem to be the biggest source of aggravation, especially if a mover has no flexibility in their schedule.
What is Included in the Sale? This is the area of a contract where we see the most problems… All personal property is excluded unless stated otherwise. Anything that is permanently fixed… that is you can’t remove it without signs of damage to the floors, ceilings or walls, is included. Fixtures are included… unless specifically excluded. Ask your Realtor to write into the contract specific items that you want included. Think about… barbeques, refrigerators, washers, dryers, play sets, pool equipment, etc.
How Big is the Property? Thinking of making an addition on your new home? Want to put in a pool? Well, then property size matters. Ask for a survey to be attached to the contract. If no survey is available, ask your Realtor to check town records in the Tax Collectors office. Once confirmed, have the correct property size written into the contract.
Who is Holding my Deposit Money? Typically, the seller’s attorney holds deposit money in escrow. If the transaction is a short sale, then the buyer’s attorney would hold the deposit.
Browsing for homes in the area? Our website is full of useful information for new residents. You will find community guides for Essex, Morris and Union Counties, information about New Jersey schools, and a terrific platform to search for NJ homes. If you are thinking about buying a home in Essex, Morris or Union County, the Zebaida Group would love the opportunity to help. If you are selling a home, Robert and Marlisa Zebaida would love to show you how, through strategic pricing, staging, expert marketing and cutting edge negotiating skills you are likely to get your home sold quickly in today’s Essex, Morris or Union County real estate market. If you’re thinking about selling your home in Essex, Morris or Union County, NJ and you don’t have a Realtor®, contact the Zebaida Group.
The Zebaida Group provides an exceptional level of real estate services to home buyers and sellers in Essex, Morris and Union County, NJ. If you have specific questions relating to homes and Real Estate in New Jersey, give us a call at 973.379.7030, or email us at firstname.lastname@example.org. To learn more about Essex, Morris and Union Counties, we invite you to visit www.ZebaidaGroup.com!
We hope you found some helpful information in this post, Top 5 Things Buyers Need to Know about New Jersey Real Estate Contracts.