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.
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Meet some of our New Jersey Real Estate Contract Lawyers
Angela Y.
NJ and NY corporate contract lawyer and founder of a firm specializing in helping entrepreneurs. With a background in law firms, technology, and world class corporate departments, I've handled contracts and negotiations for everything from commercial leases and one-off sales agreements, to multi-million dollar asset sales. I love taking a customer-focused and business-minded approach to helping my clients achieve their goals. Other information: learning to surf, lover of travel, and one-time marathoner (NYC 2018) yulawlegal.com
Michael J.
Combining extensive experience in litigation and as general counsel for a real estate and private equity company, I provide ongoing guidance and support to clients on a variety of transactional matters, including business formation, partnership agreements, corporate agreements, commercial and residential leasing, and employment issues.
Anand A.
Anand is an entrepreneur and attorney with a wide-ranging background. In his legal capacity, Anand has represented parties in (i) commercial finance, (ii) corporate, and (iii) real estate matters throughout the country, including New Jersey, Pennsylvania, Delaware, Arizona, and Georgia. He is well-versed in business formation and management, reviewing and negotiating contracts, advising clients on financing strategy, and various other arenas in which individuals and businesses commonly find themselves. As an entrepreneur, Anand is involved in the hospitality industry and commercial real estate. His approach to the legal practice is to treat clients fairly and provide the highest quality representation possible. Anand received his law degree from Rutgers University School of Law in 2013 and his Bachelor of Business Administration from Pace University, Lubin School of Business in 2007.
October 12, 2021
Grant P.
Founder and owner of Grant Phillips Law.. Practicing and licensed in NY, NJ & Fl with focus on small businesses across the country that are stuck in predatory commercial loans. The firm specializes in representing business owners with Merchant Cash Advances or Factoring Arrangments they can no longer afford. The firms clients include restaurants, truckers, contractors, for profit schools, doctors and corner supermarkets to name a few. GRANT PHILLIPS LAW, PLLC. is at the cutting edge of bringing affordable and expert legal representation on behalf of Merchants stuck with predatory loans or other financial instruments that drain the companies revenues. Grant Phillips Law will defend small businesses with Merchant Cash Advances they can no longer afford. Whether you have been sued, a UCC lien filed against your receivables or your bank account is levied or frozen, we have your back. See more at www.grantphillipslaw.com
October 31, 2021
Melanie C.
Melanie Cunningham specializes in helping entrepreneurs remain creative and expansive by establishing the foundation of their business and protecting and maximizing their intellectual property. It’s her belief that entrepreneurs and micro and small business owners play a critical role in our communities, which propelled Melanie to return to private practice after more than a decade working for global financial institutions. Melanie’s practice is dedicated to delivering excellent legal support and protection to this vital, but an often underserved, community. Melanie credits her business training and the skills developed as a senior compliance officer with enabling her to help small business owners have a legally compliant business, while proactively advising clients during the growth process. She’s helped diverse entrepreneurs do business in a way that focuses more on collaboration than competition. Melanie has counseled small business owners in determining what is protection worthy (helping them obtain trademarks and copyrights) and making contact on their behalf in the case of infringement.
April 20, 2022
John M.
Seasoned professional with experience in wide variety of contract negotiation and review.
May 6, 2022
Brittany S.
I am licensed in New York and New Jersey. I graduated with my J.D. from Touro University Law Center, Summa Cum Laude, in 2021. In 2018, I graduated from SUNY Farmingdale with a B.S. in Sport Management and a minor in Business Management. I have experience in real estate law and insurance defense, including employment law. Please note, I do not carry malpractice insurance.
Find the best lawyer for your project
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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
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
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
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.
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Location: Texas
Turnaround: Less than a week
Service: Contract Review
Doc Type: Real Estate Purchase Agreement
Page Count: 15
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Bid Range: $175 - $425
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