Carlos Soares

Important Considerations for New Jersey Buyers and Sellers As a licensed New Jersey real estate professional, I believe one of the first things a buyer should consider is whether they have a qualified real estate attorney representing their own best interests. While an attorney is not legally required for every residential purchase, the New Jersey Division of Banking and Insurance advises buyers that an attorney can provide legal advice, represent the buyer in contract negotiations, and protect the buyer's interests in disputes. Real estate agents cannot provide legal advice. If a buyer does not already have a real estate attorney, the buyer's agent may provide the names of two experienced attorneys they know or have worked with, provided the agent makes clear that the buyer is responsible for selecting and retaining the attorney. A referral should not be represented as a guarantee of the attorney's services or results. In New Jersey, once a contract of sale is signed, it is generally subject to the Attorney Review provision. Under the standard attorney-review clause, the buyer or seller's attorney has a limited periodaEUR"typically three business days, excluding weekends and legal holidaysaEUR"to review the contract and, if appropriate, disapprove it or propose revisions. Until attorney review is completed, the transaction is not yet fully binding under the standard clause. Once the attorney-review period ends without proper disapproval, the contract generally becomes binding according to its terms. For that reason, both the buyer and seller should understand that an accepted offer is an important step, but the transaction still requires careful legal review and the satisfaction of the contractual terms before everyone can consider the deal firmly established. The Seller Should Have a Moving Plan I also believe the listing agent has an important responsibility to prepare the seller for the practical realities of selling a home. Before putting the property on the market, the seller should have a clear plan for where they will move after closing and when they will be able to deliver possession to the buyer. I have personally represented several friends as their listing agent. In two transactions, the sellers proposed remaining in the property for several days after closing. In my professional opinion, this is something that should not be assumed or casually proposed to the buyer. The buyer is purchasing the property with the expectation that possession will be delivered according to the contract. If a seller needs additional time to remain in the property after closing, that arrangement should be discussed and agreed upon in writing by both parties and reviewed by their respective attorneys before closing. A successful real estate transaction is not simply about getting a property under contract. It is about properly preparing both parties, protecting their interests, communicating clearly, and making sure the transaction proceeds smoothly all the way through closing and possession.