Long Beach Island Real Estate Agreement of Sale or Contract
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Long Beach Island Real Estate Sales Contract
An Agreement of Sale in the LBI Real Estate Market is one of the most important documents you will encounter when looking to buy or sell a home in the Long Beach Island real estate market. An agreement of sale also referred to as a sales contract or simply a contract is a legal document that outlines the obligations between the parties involved in the real estate transaction. This document is usually drawn up by the buyer’s agent.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Agreement of Sale in the LBI Real Estate Market
Every state has different rules governing the agreement or sale but in New Jersey, it is important to note that a standard real estate sales contract is NOT legally binding until the conclusion of attorney review. Attorney review is, by the letter of the contract, a three business day review period during which changes can be made to the contract by either party. It is only after the conclusion of the attorney review that the agreement of sale becoming binding. There are exceptions to this, for example, an unmodified attorney drawn contract, so it is best to understand each situation on a case by case basis. A standard agreement of sale will define the parties involved in the LBI real estate transaction, the property being sold, the price and terms as well as standards of performance. If a real estate agent is preparing the document, which is the custom in the Long Beach Island real estate market, they will most likely use a standard New Jersey real estate sales contract.
Long Beach Island Real Estate Agreement of Sale or Contract
It is always good advice to hire an attorney for representation in an LBI real estate sale. One of the most important jobs an attorney will have is reviewing and explaining the terms of the agreement of sale and protecting your interests. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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