Preparing the Offer
Once you have found the perfect home, you will work with your REALTOR® to come up with an appropriate offer amount and then an "offer to purchase agreement or contract" will be drawn up. Be mindful of your financial circumstances, down payment amount and closing costs when negotiating the sale price. When you and seller come to agreement on price, terms and conditions, the you and seller will sign the binding agreement/contract and the Escrow process begins.
The buyer or seller may choose to have an attorney study the sale contract before it is finalized – in New Jersey this is known as attorney review. Although using an Attorney in the closing process is not required, if you choose not to utilize and Attorney, there will be no one representing you legal interest in the transaction. If an attorney is consulted, the attorney must complete his or her review within a three-day period. The contract will then be legally binding at the end of the three-day period unless the attorney disapproves of it. In some cases, the buyer and seller may choose to extend the three-day period.
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