The Contract

• 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.
  
• Purchase Price
  In addition to stating the total purchase price, the contract will provide a timetable for payments: typically $1,000 “good faith” deposit submitted with the offer, an additional 5%-10% in several weeks, a mortgage commitment and any additional funds at closing.
  
• Financing
  Mortgage contingencies are standard in real estate contracts. You will be required to obtain your mortgage commitment within a specified period of time.
  
• Inspections
  You will also have 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.
  
• Repairs & Cleanup
  The Contract may become contingent upon certain repair issues, normally after the Seller’s attorney receives your inspection report. The sellers will be responsible for these repairs, generally before closing.