1) they can't get a mortgage.
2) there are problems uncovered in a home inspection that can not satisfactorily be resolved
between buyer and seller.
3) Significant damages are uncovered in the Termite Inspection (over $2,000) that the seller will not
pay to correct.
4) Seller can not provide clear title to the property.
Always keep in mind no matter how good your realtor is, they can not provide you with legal advice!
Certified Short Sale Agent
Coldwell Banker- Casa Bella Realtors
Beyond that if there are no problems, you should be fine if you are working with an experienced Realtor. Keep in mind a Realtor no matter how good is prevented by law from giving you legal advice.
If I can help you please give me a call!
Joanne Bernardini, SFR,CSSA
Coldwell Banker Casa Bella Realtors
We also have a termite clause and a condo review clause that the buyers can get out of the contract if they are not satisfied with the results of the inspection or the terms of the condo documents. Our board of realtor contracts protect both buyers and sellers and have been used successfully for many years.
See - same state - 2 entirely different ways of conducting business!
So.....based on what you shared, and to get a better understanding.....do I assume the 3 day attorney review period simply fades away into the night, and no one changes anything in the wording of the contract?
The standard contingencies for home inspections and mortgage approval timeframes are then enforced?
Who sends the written requests for home inspection repairs? (attorneys handle that where I am)
as the saying goes - when in Rome......etc etc.........and, although there are a lot of Italian restaurants here, it''s not Italy.............. we're in New Jersey, so while opinions are wonderful, really helpful advice should be based on what is customary and usual in a specific area.
And, for the record - I think you kind of oversimplified the RE "meltdown" by suggesting attorneys might have helped prevent it by being involved!!!!
There are a lot of people who used attorneys (if you read what I said, we use them routinely in MY part of the state) who still got burned during the imploding RE market for a myriad of reasons.......I don't think attorneys could have prevented all those sub prime loans from being doled out.....nor were they asked to counsel buyers that they were biting off more than they could chew .....
North Jersey operates totally different than Ocean City, because of our many duplex condos. Ocean City has it's own way of doing things. It really gets complicated when buyers use lenders and attorneys that do not understand the way Ocean City operates. Ocean City has it's own board of realtors and is very unique, so if a buyer and a seller want things to go with out a hitch, they need to find a experienced agent with a good track record to guide them through the process.
Seas the Day!
Sorry, I beg to differ. It is my Humble Opinion that EVERYONE should use an Attorney when Selling or Buying a home no matter what State you're in. IMHO, one of the many reasons for the Bubble Burst and terrible mortgage meltdown is because Attorneys were not involved in the transactions executed during the BOOM.
Get an Atttorney. I stand by that advice.
I do have a question for my fellow NJ (southern) agents.............in regard to the attorney review - does the title insurance company have an attorney review the contracts during those initial 3 days?
If not, then who oversees the review?
As a point of information for Ruthmarie - When attorneys are involved, they start off with a letter that officially "cancels" the contract in its current form.......... then state it would be acceptable with the following changes incorporated - their "review letter" would make their changes with the verbiage and also alter anything such as closing dates or fine tune some of the terms. Most real estate attorneys have standard phrasing and changes they incorporate into the contract.
With Opinion 26 (something you will sign along with the contract Ruthmaire), although it states one does not have to obtain an attorney, it is recommended..... and it also clearly states that we, as agents, cannot give legal advice............I would assume that means we cannot or should not make changes to a legal contract.......it always has been a bit confusing to me as to exactly what, if any , legal representation a buyer is getting in the areas of the state where attorneys are not commonly used. .....for example - who steps in if one party breaches the contract?
I suppose if the title company's attorney takes the position as legal advisor, my question is answered!
It makes good sense to begin the process of selling your home by protecting yourself by hiring an attorney who specializes in real estate transactions.
It is common here in New York to have attorneys represent Sellers and Buyers in a real estate transaction. I know elsewhere in the country this is not necessarily the case. Frankly, I canâ€™t understand how anyone could proceed with signing important legal documents without an attorney present to review and advise.
Have your attorney on your â€œteamâ€ as early as possible in your sale cycle.
Hope that helps!
It's true that in NJ, specifically South Jersey, title companies are hired to prepare and process settlement documents. Your real estate agent regardless of their level of experience is not equipt to give you any legal advice. Nor should they practice law.
Many Realtors and Agents alike will you provide with a standard real estate contract, a template in most cases. Think along the lines of representing yourself in court of home selling versus hiring private council. In this court, who would you rather have advocating for you? Just you or an experienced real estate attorney?
At the very least you should be provided with a disclosure form called opinion 26.
Seas the Day!
Closings are normally handeled by a title company in South Jersey
Prudential Fox & Roach
Ocean City, NJ
Other areas in the state - southern NJ is one - use the Title Companies - check with your agent to see what he or she recommends.