When buying a home, there are many steps that are involved. Let’s discuss, in depth, the real estate contract for New Jersey, which is one of those steps.
The Real Estate Contract
You’ve found your dream home. Now, we’ll need to write a real estate contract. Typically, your Realtor will prepare the contract for you. And this is done by using a standard form approved by the NJ Association of Realtors. We realize that you may have done this before. However, it can be a daunting experience. In our career as Realtors, we’ve sold more than 400 homes, in addition to the 9 homes we’ve personally owned. We’ve helped many people, like you, through the process. We use our experience to help make your home buying experience as smooth and stress free as possible.
To continue, the information about the transaction will be entered into this standard contract. This information will be the purchase price, deposit amounts and the dates that the deposits will be due. If there’s a mortgage is involved, the mortgage amount, the payment schedule and the mortgage commitment due date will also be entered. The time frames for inspections are also listed, in addition to the closing date. Additionally, the contract will spell out what’s included in the sale. For example, appliances or other personal property. In addition, what’s not included will be listed, such as lighting fixtures, window treatments or other items. When these are in writing, there will be no confusion or mistakes.
Once your Realtor has prepared the real estate contract, your agent will explain what the contract entails. However, should there be parts of the contract that you don’t understand, don’t be afraid to ask questions. Next, all of the buyers will sign the contract. Once that’s complete, your Realtor will then forward the contract to the seller’s Realtor, who will present it to the seller. After some negotiation, hopefully you will come to an agreement with the seller and you have completed the next step towards purchasing your home.
We are not attorneys. If you need legal advice, consult with your attorney. However, we are Realtors. As a result, we can help you buy or sell a home. Attorneys don’t sell homes, and we don’t give legal advice. When you’re ready to either buy or sell a home, please contact us.
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