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Summit Real Estate Wrap

Attorney Review - The New Jersey Process

Lucy E. Thompson, Broker - Sales Associate, Keller Williams Realty - Summit

Wednesday, March 26, 2014 • 12:27pm

So you found the home you love, and had your offer accepted by the seller... Congratulations! 

The next step in your journey to home ownership is known as "Attorney Review".  There are unique elements inherent to this process and, while some -- especially those relocating from out of state -- can find this step confusing and a bit daunting, both buyers and sellers can navigate Attorney Review successfully by knowing what to expect.

- In New Jersey a buyer and seller have the right to get out of a real estate contract within three business days of its execution.

- Cancelation has to be done by an attorney, and the word "cancel" mentioned specifically in the letter.  The cancelation letter has to be sent by certified mail to all parties involved in the contract.  All other correspondence may be sent by email.

- Usually, instead of cancelling a contract, a real estate attorney will disapprove the contract, and then make suggestions for changes which generally extends attorney review until such time as the attorneys for both buyer and seller reach mutual agreement on moving forward.  These changes reflect careful scrutiny by both attorneys with their clients of the exact details of the contract.

- In the rare instance that attorneys prepare the contract there is no attorney review period.  Generally we, as agents, prepare a "boiler plate" contract, filling in the blanks.
 
- Individual contingencies for deposit monies, mortgage commitment, closing date, home inspection(s), and any other terms are usually tied to the conclusion of attorney review, at which point a listing is marked as either Under Contract (UC) or Under Contract, Continue to Show (US).
 
 
If you are a seller, buyer or investor seeking expert, professional guidance for all your residential real estate needs, then Lucy Thompson invites you to contact her without delay.  She offers all her clients a sophisticated service for selling and/or buying and she will help you achieve your real estate goals!

Your real estate dreams and needs are all about you and she will listen so that you receive the very best advice and options!  You owe it to yourself to hire the best agent and Lucy will prove, through hard work, energy, enthusiasm, motivation, comprehensive information and results that you will benefit from making the right decision in hiring her.   You can reach her at lucy@lucythompsonhomes.com.

 

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