New Jersey Real Estate Contract: Different Types and Key Terms to Include
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What is a New Jersey Real Estate Contract?
A New Jersey real estate contract is a legally binding agreement between two parties, a buyer and a seller, for the sale and purchase of a piece of real property. The contract outlines the terms and conditions of the transaction, including the purchase price, financing terms, closing date, and any contingencies that must be met before the sale can be completed.
A real estate contract will also specify the responsibilities of each party during the transaction, like the buyer's responsibility to obtain financing and the seller's responsibility to transfer the title to the property.
Common New Jersey Real Estate Contracts
The most common real estate contract used in New Jersey is the New Jersey Association of Realtors contract. It is used by realtors who belong to the association for the sale and purchase of residential real estate. In New Jersey, a real estate contract becomes legally binding after three business days.
If you are not buying or selling residential property, you will need to use a different real estate contract. Other common contracts include:
- Commercial real estate contract . Used when buying or selling commercial property that is zoned for business operations.
- Real estate assignment contract. Used when purchasing investment properties because this agreement allows the buyer to assign the contract to a second buyer.
- Lease agreement. Also called a rental agreement, this contract is used when a property owner wants to rent their property to a tenant.
4 Essential Elements of a New Jersey Real Estate Contract
The four essential elements of a contract as required by New Jersey law are:
- There must be an agreement between the parties to enter the contract which is usually shown through an offer and acceptance of the offer.
- The parties must exchange items of value. In a real estate contract, consideration is usually the exchange of money for the property.
- The parties entering the contract must have legal capacity to enter the agreement. This means the parties must be of sound mind, cannot be under the influence of alcohol or drugs, and cannot be minors.
- Contracts must be of legal purpose and cannot break the law or encourage either party to break the law.
If a real estate contract in New Jersey is missing any of these essential elements, it will be ruled void and unenforceable.
What Should Be Included in a New Jersey Real Estate Contract?
The purpose of a real estate contract is to facilitate the sale of property and protect the interests of both parties. To accomplish these goals, the contract must contain specific information.
The following terms are usually negotiated and included in a real estate contract in New Jersey:
- Party information. The names and addresses of the parties involved in the transaction, including the buyer, seller, and any agents or brokers involved.
- Property description. The legal description of the property including the full address.
- Purchase price. The agreed upon purchase price for the property.
- Contingencies. Conditions that must be met before the sale can be completed like a home inspection or securing financing.
- Disclosures. Warranties or representations required by New Jersey state law made by the seller regarding the condition of the property.
- Closing date. The date on which the sale will be completed.
- Signatures. The signature of the buyer, seller, and any agents or brokers involved in the transaction.
Depending on the parties and the property, additional terms may need to be added. It is always recommended to consult with a realtor or real estate attorney before signing a real estate contract.
Frequently Asked Questions
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Meet some of our New Jersey Real Estate Contract Lawyers
Agnes M.
Agnes Mombrun Geter is the Founder and Managing Attorney of Mombrun Law, PLLC. She is an experienced attorney and is a member of the Florida Bar, New Jersey Bar, and the Pennsylvania Bar. The firm's practice focuses on Estate Planning, Business Law, and Debt Settlement including IRS Debt Relief. The firm's goal is to simplify the law and provide clients with the confidence and information necessary to make their decisions. The firm also provides project-based legal services to other attorneys and law firms, along with assisting as personal counsel and local counsel on legal matters.
"Ma. Agnes was very kind and thorough. I highly recommend her and would hire her again if needed."
Matthew S.
I am a 1984 graduate of the Benjamin N Cardozo School of Law (Yeshiva University) and have been licensed in New Jersey for over 35 years. I have extensive experience in negotiating real estate, business contracts, and loan agreements. Depending on your needs I can work remotely or face-to-face. I offer prompt and courteous service and can tailor a contract and process to meet your needs.
"Matthew was prompt and professional and satisfied all requirements of my request!"
John B.
John Benemerito is the Founder and Managing Partner of Benemerito Attorneys at Law. Admitted to practice in New York and New Jersey, John represents small business owners and startups in the areas of Business and Securities Law. John received his Bachelors Degree at John Jay College of Criminal Justice where he majored in Criminal Justice. Afterwards, he attended New York Law School where he focused his studies on Corporate and Securities Law. John comes from a family of entrepreneurs. From as far back as he can remember he was always involved in his family’s numerous businesses. At the age of fifteen, John entered into a new business venture with his father and managed to grow and maintain that business through high school, college and law school.John is currently a co founder in over five different businesses. After law school, John decided that he wanted to help people like himself. He opened his own law practice and began working primarily with small business owners until he was introduced into the startup world. Ever since that time, John has worked with hundreds of startups and thousands of entrepreneurs from all different backgrounds in helping them achieve their goals. Having been an entrepreneur his entire life, John understands what it takes to create and maintain a successful business. He enjoys sitting down and working with his clients in figuring out each of their unique challenges.
July 15, 2020
David C.
David H. Charlip, the principal of Charlip Law Group, LC, is one of only 101 Board Certified Civil Trial Lawyers in Miami-Dade, with over 40 years of litigation experience. Mr. Charlip is also one of only 136 Florida Civil Law Notaries. He is also a Florida Supreme Court Certified Circuit Civil Mediator and a Florida Supreme Court Approved Arbitrator. He has managed and litigated cases across the country. Mr. Charlip has advised businesses, drafted business formation and purchase and sale documents and litigated business disputes for over 40 years and is very familiar with all aspects of contractual relations.
July 15, 2020
Lourdes H.
With 19 years of experience in the area of estate planning, trademarks, copyrights and contracts, I am currently licensed in Florida and NJ. My expertise includes: counseling clients on intellectual property availability, use and registration; oversee all procedural details of registration and responses with the USPTO/US Copyright Office; negotiate, draft and review corporate contracts and licensing; counsel clients on personal protection, planning and drafting comprehensive estate plans.
July 16, 2020
Aaron M.
Aaron focuses his practice on entrepreneurs and emerging growth companies, providing general counsel services for companies from formation through exit. Aaron frequently advises clients in connection with routine and unique legal, business, and strategic decisions, including corporate, business and technology transactions, angel and venture financings, mergers and acquisitions, protection of intellectual property, and information privacy and data security.
September 10, 2020
Jaclyn I.
Jaclyn is an experienced intellectual property and transactional attorney residing and working in NYC, and serving clients throughout the United States and internationally. She brings a targeted breadth of knowledge in intellectual property law, having years of experience working within the media, theater, PR and communications industries, and having represented clients in the music, entertainment, fashion, event production, digital media, tech, food/beverage, consumer goods, and beauty industries. She is an expert in trademark, copyright, and complex media and entertainment law matters. Jaclyn also taught as an Adjunct Professor at Cardozo School of Law, having developed and instructed the school’s first Trademark Practicum course for international students. In her spare time, Jaclyn’s passion for theater and love for NYC keeps her exploring the boundless creativity in the world’s greatest city!
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Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
Real Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
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