When an individual decides they want to sell their home, they will have to go through a number of different steps before the new owner moves in. The first thing that needs to be done is to find a buyer for the home, which is pretty self-explanatory. Once an individual decides they want to buy the home, they will have to enter into a contract. A contract is often written by the real estate agent or another party dictating the terms of the sale.
Another aspect of buying or selling a home is what happens once the contract is drafted. New Jersey real estate law requires that a contract undergoes a three-day attorney review. This is where each side (the buyer and the seller) will have their respective attorneys take a look at the contract and request to make changes that may better serve their client. The real estate attorney may work to negotiate the cost of the property or closing costs, as well as whether the buyer or seller will be responsible for making certain repairs. Once all terms are agreed upon, the parties will sign the contract and it becomes binding.
After the contract is signed, the buyer will come in within 10 days and have a home inspection conducted by a professional. Finally, the buyer will obtain a mortgage and attend the closing. The seller doesn’t necessarily need to be at the closing as long as all documents are signed prior to that date. If you need a real estate attorney, contact us today.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.