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What Is the Process of Buying a Home Like?

April 13, 2021

The process of buying your first house can be stressful if you are not familiar with the process. When you’re planning on starting a family with your spouse, everyone wants the perfect house to live in. Although this process can be long and stressful, you want your house to become your new home, which means it has to meet all of your needs as a homeowner. If this is your first time buying a house, it may be in your best interests to seek guidance from an attorney who is able to help you throughout the process. Buying a home can be stressful and you do not want any surprises along the way.

When buying a house in New Jersey, a real estate contract is made between the buyer and seller, which includes all the terms that were agreed upon between the two parties. However, it is best to read it over with a trained eye in order to avoid any problems in the future. When both parties sign the contract, the house has officially been bought by the new owners. If a real estate agent is involved in the buying of your house, there are specific terms to the process that can apply. It is required to have a guideline that provides a three-day period of time for attorneys to review the contract. During this period of time, both parties are able to have their attorneys go over the document with them in order to ensure that they are satisfied with the current deal that is being made.

What Happens After the 3-Day Period?

During the three-day period, your attorney can suggest changes that improve your situation. Both parties are able to negotiate on parts of the contract over this period of time. After the 3 days are up, both parties can sign a final document to agree on the revised document. However, they are allowed to walk away from the contract before signing the final addendum. Once the final addendum is signed, the contract is binding. After the contract is signed, there is still more to be done. You are going to want to have the home inspected. If there are issues present in the inspection, you are allowed to ask the seller to fix these conditions. To ensure that you’re acquiring the house in the proper conditions, an attorney can help facilitate your requests to the seller.

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.