REAL ESTATE LAW FIRM IN RIDGEWOOD, NJ
BUY A HOUSE IN NEW JERSEY REQUIRES REVISION OF THE REAL ESTATE LAWYER
Congratulations on the decision to buy your dream house in Garden State! Once you have selected your home, you will need to make an offer to purchase your dream home.
MAKE AN OFFER
A licensed real estate agent will usually help you make the initial purchase offer.
An offer to purchase is a preliminary written proposal, which states that the buyer is willing to pay for the home, the estimated closing date, and certain main terms that the buyer and seller must agree on.
It is typical in New Jersey that his real estate agent incorporates the supply of purchase in a contract of preprinted form.
At the moment of the signature, the buyer provides an initial deposit, that denominates a guarantee deposit. A guarantee deposit is a nominal amount to demonstrate that the buyer is taken seriously the purchase. This deposit will become part of its initial payment (that is to say, the total amount of cash for the purchase of the house that is not financed). This general depot is placed in the account of deposit in guarantee, which is a monetary trust maintained by a third.
The contract is presented to the seller for their consideration. The seller can accept your purchase offer, reject it or make a counteroffer. If a seller wishes to change any part of their offer, they may receive a counteroffer specifying those changes. You, as the buyer, have the option of accepting the counteroffer or you can respond by submitting a counteroffer of your own. When the seller has accepted your offer and/or counter offer and both parties have signed and executed the contract, this is when the attorney's review period begins.
ATTORNEY REVIEW PERIOD
At this juncture, you will need to hire a real estate attorney. Why? In New Jersey, there is an attorney review clause in pre-printed form contracts. The clause of revision of the lawyer establishes that the buyer and the seller are three (3) as of the date in which the executed contracts are given to consult to a lawyer of real estate. During the attorney review period, the buyer can have an attorney review the contract and disapprove of the terms of the contract. At this stage, both the buyer and the seller can disapprove of the contract and void the contract. If the contract is not disapproved within the attorney's review period, the buyer will be bound by the contract as written.
This is the reason for which is crucial to contact and to contract a lawyer of real estate. Only a real estate attorney can advise you of your rights as a buyer and recommend certain modifications that may be appropriate given the circumstances of your situation. A real estate attorney will protect you both in contract negotiations and in disputes that may appear before or during the real estate closing or liquidation. A real estate attorney will protect you both in contract negotiations and in disputes that may arise before or during the real estate closing or liquidation. Once both parties have considered and decided all the modifications, the contract is binding.
Buying a home is a great investment and you should consult an experienced real estate attorney to protect your rights. The expense of a lawyer is minimal compared to the purchase of your house, bank charges, moving expenses, and other fees.
The Law Office of Carolina T. Curbelo, LLC
Contact us if you have any questions about purchasing residential real estate at (201) 379-4040.