Long Beach Island Real Estate Market Contracts
Writing A Contract In The Long Beach Island Real Estate Market
Once you have found the right home in the LBI real estate market and successfully negotiated your sales price and terms, the next step is to write a contract of sale. The contract of sale is a legally binding document which outlines the price, terms and other details for the real estate transaction. A contract maybe written by a real estate agent or by an attorney, however if the contract of sale is written by a real estate agent it must include an attorney review clause. The contract of sale is perhaps the most important portion of your real estate transaction in the Long Beach Island real estate market as it legally bind you to the purchase and outlines your responsibilities and obligations in home sale purchase. With the many different building codes and town requirements writing a contract in the Long Beach Island real estate market is a step of the sale process that cannot be over emphasized.
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What Makes a Good Contract in the LBI New Jersey Real Estate Market
There are a few important parts of the contract of sale that you should be aware of such as:
- The contract of sale should clearly outline the price you have agreed to pay including the down payment, the amount of the mortgage you will be seeking and where deposit money will be held
- The contractor sale should outline the items are included with the sale such as furniture, appliances, and other items that were in the house when you saw it for the first time
- The contract should include the closing date and when you will take possession of the property
In addition the contract of sale should outline the terms and timeline that must be followed during the transaction. For example most sales contracts will include a home inspection provision which allows you as the buyer to have a qualified inspector check the house for any potential defects or safety issues. The contract will will outline your rights that you can undertake to either have these items corrected, a credit issued for them or terminate the entire agreement. It is important to have an attorney review your contract and make sure that it will adequately protect you throughout the transaction. Is for this reason at all New Jersey real estate contracts written by real estate agents are required to have an attorney review clause that allows an attorney to modify or cancel the contract to protect your interests. It allows your attorney to review the contract, make any changes, or terminate the agreement if it seems unfair. Is important to know that during attorney review other offers can be made on the property and the seller can accept them during the review period (usually 3 business days).
Buying a Home In the Long Beach Island Real Estate Market
Buying home in the Long Beach Island real estate market is a major investment. There been many changes to the market over the past few years especially due to Hurricane Sandy. On top of the normal issues that you must be cautious with when purchasing a home on LBI, you must now also be aware of the issues concerning flood insurance, home inspections, and any repair damage as a result of Hurricane Sandy. It is important that your contract adequately protect you and contains provisions for these scenarios. The different areas that comprise the Long Beach Island real estate market each have their own unique characteristics and it is important to understand them and prepare for the when buying a home. It is important to make sure any property you are looking to purchase has been either repaired properly and does not have any zoning issues which could negatively impact the value. For more information about Writing A Contract In The Long Beach Island Real Estate Market feel free to contact me, Nathan Colmer, and I’ll be happy to answer any questions you have.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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