The purchase of a house is probably the largest and most expensive purchase that you will ever make. Therefore, it is extremely important that it be handled with the utmost care. BSLG attorneys are focused on making sure that our clients experience the smoothest, least stressful property transactions possible. Involving a real estate attorney upon your signing of a real estate contract allows us to go to work right away on protecting your interests and ensures that you know exactly what you are getting yourself into before it is too late.
A New Jersey Real Estate Transaction with BSLG
1. Make/Accept an Offer. The Buyer and Seller sign a Contract of Sale, typically prepared by a real estate agent. The Buyer gives an initial deposit, sometimes referred to as an "earnest money deposit."
2. Contract Acceptance and Delivery. After Buyer and Seller agree on the sales price and basic material terms of the deal, both sides of the deal sign the Contract. Once the fully signed contract is delivered to both parties, the three day attorney review period begins.
3. Attorney Review Period. Upon receipt of the fully signed contract, both parties have three business days to have the Contract reviewed by their own attorney. You should immediately contact BSLG to review your Contract. The Contract is legally binding upon signing, but is subject to your right to have an attorney propose revisions or cancel the Contract on your behalf during the three day attorney review period. Under the attorney review clause, only an attorney may cancel the Contract on your behalf. A BSLG real estate attorney will thoroughly review your signed real estate contract for a reasonable flat-fee. Both the Buyer and the Seller, through their attorneys, have the opportunity to either accept, disapprove, or amend the contract. If amended, the parties agree on final terms, or if they cannot agree, the deposit is returned.
4. Escrow and Settlement. You're officially in escrow once the attorney review period has lapsed and/or both sides have accepted the duly executed Contract. BSLG can assist you with reviewing and interpreting your home inspection report(s) and certificate of occupancy requirements, ordering your title work, coordinating settlement with your title company/closing agent, and preparing and recording your deed. We can even attend settlement with you.