The signing of a Contract of Sale is only the first step in selling a home. In New Jersey, the signing of a real estate contract prepared by a realtor starts a three (3) day “attorney review period” wherein either party’s attorney may disapprove of the contract. Generally, each attorney will disapprove of some aspect of the “boilerplate” contract, and offer alternate terms which would be acceptable to his or her client. The contract itself does not become enforceable until all such terms are agreed upon by both parties in writing. Experienced and efficient legal assistance is essential for attorney review to be conducted quickly and in a manner which will fully protect the Seller’s rights and interests.
After attorney review is complete, issues involving the Buyer’s home and termite inspection must be resolved, followed by any mandated municipal inspections, satisfaction of financing contingencies and resolution of any title, survey or zoning issues. In addition to negotiating resolution of all such issues, the Seller’s attorney will order mortgage payoffs, obtain final municipal water or sewer bills, review the closing HUD statement and prepare the deed, affidavit of title, affidavit of consideration, 1099 and any other mandated closing documents. All of this should naturally be done in coordination with the Seller’s move into suitable replacement housing.
Thirty years of experience may not be required to properly represent home Sellers, but it sure helps!