Reporting in from northern NJ:
1 We start by filling out a legal sales contract (6 pages w/ addendum)....showing price offered, closing date, mortgage amount and date, inclusions,k exclkusions, etc.................and we get a $1000 good faith check which is waved under the nose of the seller when the offer is presented. Other typical legal mumbo jumbo is in the contract.....the balance of (typically) 10% of the purchase price, for the deposit will be due 10-14 days after our attorney review period
2. Offer is presented to seller and negotiating back and forth can then be verbal
3. Once there is a meeting of the minds, any changes are initialed and the all parties receive their copies of the contracts
4 The next business day, contracts re given to attorneys and the NJ 3 day Attorney Review period begins - we don''t count legal holidays or weekends....***either party can get OUT of the contract during this time with NO reason given...higher offers may be viewed by the seller..the buyer can just back out - home is usually still shown during this time, but that can vary The home is makred ARIP (attorney review in progress)
5 After the conclusion of the attorney review....... property is marked "Under Contract" and comes off the MLS - no further offers may be considered by the seller
6. The buyers then have 10-14 days at this time in which to have their inspections...........any requets for repairs must come within 5 days following that time frame............attorneys take care of the letters and requests...........attorneys handle our closings, not title companies
7. Usual mortgage contingency these days is 30 days - time starts from end of the attorney review
8. Closing, with mortgage contingencies, can take on 45-60 days. - all cash clsoing can happen in 30 days....average here is 60..sometimes 90 days.............closings take place at the buyer's attorney's office
So.............that's a summary of how it is done here!
Signing off from sunny New Jersey!