Understanding Attorney Review and an LBI Real Estate Transaction
The LBI real estate market on Long Beach Island NJ
Long Beach Island real estate involves the sales of single family homes, condominiums, multi family homes, duplexes, vacant land, commercial real estate and interval ownership properties. The LBI real estate market has always been a strong market and never witnessed the high percentage of short sales and foreclosures that some other markets experienced. Recently, the LBI real estate market has been forced to face the challenges presented by Hurricane Sandy and informing both buyers and sellers of the new laws pertaining to raising houses, flood zones and flood insurance rates on Long Beach Island New Jersey. With all the details of a LBI real estate transaction, it is very important to protect yourself in all aspects of the transaction. On of the key components to protecting yourself involves Attorney Review and the Long Beach Island NJ Real Estate Market
Attorney Review and the Long Beach Island NJ Real Estate Market
Attorney review is a standard provision in a New Jersey real estate contract and is designed to protect both the buyer and the seller in a real estate transaction. The basic protections afforded include:
- A three day period of review although the period may be shortened or lengthened by agreement between the attorneys.
- Either attorney may modify or cancel the contract during the review period which would nullify the contract
- During attorney review other offers may be presented and accepted
- Only at the end of attorney review does the real estate contract become legally binding
It is very important to understand Attorney Review and the Long Beach Island NJ Real Estate Market together and as separate items. Attorney review begins the day after a fully signed contract has been delivered to both buyer and seller. Attorney review lasts three business days (not counting weekends or legal holidays) unless the period is shortened or lengthened by the attorneys. If no modifications to the contract take place, then attorney review will end at the close of business on the third business day.
If a buyer and seller are involved in a real estate transaction on Long Beach Island using a standard Realtor contract there are a few key items that should be discussed with an attorney. It is important to understand how Hurricane Sandy impacted the property being sold and have language in the contract to protect against future legal action. If a buyer is purchasing a house that was damaged by Hurricane Sandy in the LBI real estate market, it is important to understand what repairs were made and if there were performed correctly. If a seller is selling a property on Long Beach Island it is of vital importance to disclose what, if any, damage occurred to the property. The attorney representing the buyer and seller in the LBI real estate transaction will best be able to advise on how to protect the interests of the buyer and the seller. Once attorney review has been concluded, the real estate sales contract becomes legally binding and both buyer and seller can move forward toward a closing!
Buying and Selling in the Long Beach Island New Jersey Real Estate Market
Attorney Review and the Long Beach Island NJ Real Estate Market are important concepts to understand however they are only a small portion of a real estate transaction on LBI NJ. Location, property condition and understanding how flood zones and flood insurance will impact the LBI real estate market are only a few of the items that need to be understood prior to making an investment on Long Beach Island. Feel free to contact me, Nathan Colmer, with any specific questions you have about buying and selling in the Long Beach Island New Jersey real estate market or you can click here to search all homes for sale in the LBI MLS and the Long Beach Island NJ real estate market.
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org