There are a variety of opportunities in the New Jersey Real Estate Market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.
Every contract prepared by a real estate agent here in NJ is subject to an attorney review, for both parties. It gives the option of both buyer and seller to have their attorney review the contract and improve it before it becomes final.
The process here in NJ is just a little different. When a buyer makes an offer, they write up a complete contract and submit it to the seller's agent. This is when negotiations begin and the sale is not final until the buyer and seller have an agreement, and sign the agreed upon contract.
Most of the stuff they are negotiating are things like closing costs, closing dates, and what exactly is included in the sale of the home. In addition to that, there are multiple paragraphs of legal jargon that each respective attorney can add, remove, or change as they see fit. Once the contract is fully signed, it's submitted for attorney review.
At this point, both buyer and seller have 3 days to approve or disapprove the contract. They are not binding at this point, and still open to attorney change. This process shouldn't last longer than a week. If it lingers on a bit too long, one or both parties may decide to jump ship, because there is no legal obligation at that point for them to stay.
Do you have any other questions about attorney review or anything else real estate related? Let us know by giving us a call or sending us an email. We'd love to help!
