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Attorney Review
A “3-day” attorney review period is required by law in the State of New Jersey for all contracts written by REALTORS®, beginning when the Contract is fully executed and delivered to all parties. It is not uncommon for attorneys to extend the attorney review period; they can also shorten it by mutual agreement.
Anything set forth by the attorneys during the attorney review period supercedes what is stated in the Contract. Items commonly addressed include contingencies, time periods, inspection issues and repairs, exclusions/inclusions, and closing dates.
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Financing
Mortgage contingencies are standard in real estate contracts. Your buyer will be required to obtain a mortgage commitment within a specified period of time.
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Inspections
The Buyer is also allowed a specified time period – often 10 or 14 days – within which to complete inspections. Typical inspections include general home inspection, termite/pest inspection, septic (if applicable), and a radon test.
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Appraisal
Your home will be required to appraise in order for your Buyer to obtain financing, something to consider when setting your price.
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Repairs & Cleanup
Your Contract may become contingent upon certain repair issues, normally after the inspection report is received. Sellers will be responsible to make these repairs, generally before closing.
| Back to Home Selling Process |
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E. Main Street Mendham, NJ 07945 973.543.2552 (office) 973.543.2067 (fax) |
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| Evelyn
McNair, REALTOR®, e-Pro, RECS & SRES 973.984.2978 (home) 973.886.5589 (cell) Evelyn@TeamMcNair.com |
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| Dee
McNair, REALTOR®, CRS, Previews & Historic RE 973.538.2529 (home) 973.879.9284 (cell) Dee@TeamMcNair.com |
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2004 Team McNair
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