Don Campbell brings over 40 years experience and his authorship of over ten books for attorneys on the real estate closing practice. These critical areas require protection for all sellers in New Jersey.
The Realtors’ Form 3 Day Attorney Review Contract
The Realtors form contract is called a buyer’s contract and automatically prints out these contingencies to protect buyers:
- Mortgage Contingency. Sellers must wait 30 or 45 days, take their house off the market, and then the buyer and their lender (hopefully not a mortgage company) decide what they think your house is worth, before deciding whether to give a mortgage or not.
- Home Inspection Contingency. Sellers again must wait for buyers to send in a home inspector recommended usually by brokers who often want every improvement or upgrade in the world for their buyer who pays them. Ignoring the fact that you told them the house is “as is”, they often request thousands of dollars of credits.
- Closing Delays. Form estate contracts in New jersey provides for closing when the buyers finally get their mortgage funds. Sellers have to get the municipal smoke detector, carbon monoxide and C.O. from the towns to close. If buyers have a government insured loan or are borrowing more than 80% of the price, prepare for weeks or even months of delay in your closing.
- Closing Date. Closing dates are only estimated. If Buyer is getting a mortgage, the Lender decides when they will provide funds. Occupancy (when you are moving out) is different than closing date.
- Appraisal. Sellers should never allow a contract provision that says price subject to Buyer’s lender’s appraisal, which is being done to protect the lender only.
We represent you – the seller
- Our office does not allow contracts subject to sale of the buyer’s house first (it’s a contract depending on a third party, nobody has control over).
- Our office does not allow buyers to obtain credits from sellers because they want new electrical systems or other improvements or upgrades.
- Our office does not have our sellers attend closings, we do everything in advance and no more sellers wasting a day at the buyer’s attorney’s office either.
Please call us right away before signing the broker prepared Contract or even when signing the broker listing. We service Hudson County, particularly and all of Northern New Jersey. Our initial consultation is free, so contact us today at (201)-437-1600 or fill out our free online form.