Home Buying in 07022>Question Details

Lujji, Home Buyer in 07022

regarding $8000 tax credit. It shows that "binding contract to buy" should be completed by 4/30/2010. What is consider to be?

Asked by Lujji, 07022 Tue Apr 6, 2010

"binding Contract" in NJ?
Does it require both attorney to review and confirm? or is this something that we sign between seller and buyer?

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Answers

3
Ljji hi...

As you may know, in NJ we start with signed contracts (signed by buyer and seller) that then go through a 3 day attorney review, during which time either party can get out of the contract with no reason given.
The home is considered to be "under contract" once the attorney review is complete. The buyer then generally has 10 days in which they can have inspections done.

You ask a good question............as to whether the attorney review has to be complete in order for the contract to be considered "binding"., for the purposes of the buyer's credit.

I would tend to think that having the contracts fully signed and initialed would be enough, but I will check with a local attorney tomorrow, and find out for sure.
I will get back to you if I find out that the attorney review needs to be completed.

Good luck!
Debbie Rose
Prudential NJ Properties
0 votes Thank Flag Link Tue Apr 6, 2010
It needs to be a signed,dated and accepted offer by April 30th to qualify.
0 votes Thank Flag Link Tue Apr 6, 2010
In Idaho we don't use attorneys in the buying and selling process unless a client wants to refer to an attorney, so when a buyer makes a written offer and the seller accepts and signs the written offer it is considered to be a binding contract. As long as the offer is written and accepted in writing by 4/30/2010 then the buyer will be eligible for the tax credit. Of course the other part of the puzzle is that it must close by the end of June.
0 votes Thank Flag Link Tue Apr 6, 2010
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