Home Buying in Allentown>Question Details

Dina Berger, Home Buyer in Cream Ridge, NJ

I am under attorney review right now. Does anyone suggestions of things that should be in a contract?

Asked by Dina Berger, Cream Ridge, NJ Sat Dec 6, 2008

We are using a standard contract but I was wondering if anyone ever came across missing something from a contract that should have been in to protect the buyer.

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Hi Dina, I would have to disagree that all agents use the standard NJAR form. I have seen contracts that include clauses dictating title companys, as well as many other clauses that benefit the agencies involved more than the buyer or seller. (placing signs after the sale or permission to advertise the details of the sale etc.)
Every situation is different and when the market is hot buyers wanted to get out of review asap so a higher offer wouldnt come in and bounce theirs. That market is gone but still your deal is yours alone. Your agent and attorney should be able to advise you of both the strength of your contract as well as any weaknesses. Some contracts will limit, say inspection items or place dollar limitations. I would always like to see an appraisal clause similar to what most relocation companies require (property must appraise at or above sale price) Beyond that, speak openly with both your agent and attorney of your concerns and be sure to have them addressed in the contract.
0 votes Thank Flag Link Sat Dec 6, 2008
Dear Dina,
You should have an attorney already, if you are in attorney review. They are the one that will guide and advise you, so you should check with them for any questions you may have.
Good Luck with your purchase.
Sharon Kozinn
Web Reference: http://sharonkozinn.com
0 votes Thank Flag Link Sat Dec 6, 2008
Hi Dina, typing too quickly with my first response - meant to begin with ..."you need a good real estate attorney and hopefully if you are in attorney review you've got one."

Good luck!
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sat Dec 6, 2008
Hi Dina, Diane is spot on - you need if in attorney review, my hope is that you have engaged the services of a good attorney who specialized in real estate transactions.

One thing to ask him/her - given the state of the market, you might think about what happens if the property under appraises. I had a situation where that happened, made the buyer understandably uncomfortable, but it did not affect their ability to get financing and the contract had a range within which the seller was not obigated to do anything, ie, adjust price. Looking back, I think the buyer wishes that range was a bit tighter.

Congrats on your purchase and good luck getting to close.

Best,
Jeannie Feenick
Search and connect at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sat Dec 6, 2008
Dina,
congratulations!
The standard contract of sale from NJAR is used by all realtors. There could be things missing or needing to be changed as each deal is different. Your agent might have mentioned some of those items. However, as agents, we are not allowed to manipulate those contracts. That is considered practicing law and we are not lawyers!
Find yourself a good real estate attorney. While all attorneys can handle a real estate closing, you will be much better off with an attorney who specializes in real estate. Your agent should be able to recommend one for you.
Speak with your attorney during this attorney review time and your attorney can make any of the chances or add to the contract to fit the needs of your specific purchase.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Sat Dec 6, 2008
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