Most sales of homes in New Jersey are initiated through real estate agents. A Real Estate Contract prepared by a realtor does not become binding automatically upon it having been signed by the buyer and seller. These Contracts do not become binding until the passage of a three business day attorney review period. During that time the attorney for the buyer or seller can draft changes in the Contract which can be further negotiated and agreed to by the parties or, alternatively, the Contract can be disapproved and terminated by either party’s attorney for any reason or no reason.
After the Contract becomes binding, there may be other contingencies such as the obtaining of a Mortgage or home inspection, which must be dealt with within the context of the real estate purchase. These may result in additional changes in the Contract or in the amounts due under the Contract. A purchaser or seller attempting to deal with these issues without an attorney could become hopelessly lost in trying to negotiate and deal with these various issues. Do not expose yourself to danger and financial ruin in making the biggest purchase of your life. Speak to an attorney.
Jeffrey J. Chornoboy, Esq., is an experienced New Jersey real estate lawyer. He has represented buyers and sellers of residential and commercial properties, first-time home buyers, short sale buyers, and short sale sellers. He works with and for you from start to finish.
Call the Linden, NJ office of Jeffrey J. Chornoboy to discuss all your real estate needs.