In this article, you can discover:
- The significance of exercising your right to a property inspection
- The purpose of an “attorney review period”
- The role of a qualified real estate attorney in protecting your legal rights
First-time home buyers often feel like they are on a rollercoaster of emotions. They have to deal with packing and moving. Most importantly, they face a substantial financial obligation with a mortgage. A qualified real estate attorney will prioritize ensuring their clients can reach out anytime, even if it’s only for a small question. This way, they can feel confident and supported throughout the process.
What Is Most Important To Know About Purchasing A Home In New Jersey?
It’s important to remember that just because you’ve signed a contract, it doesn’t mean you’re guaranteed to close on the property. There are still many steps in the closing process, and one of the most crucial is concluding attorney review. Attorney review is when both parties have executed the sales contract and the attorney have an opportunity to review the contract with their clients to ensure everything is in order. A majority of times, a rider or addendum is drafted by the attorney and included as part of the contract requesting additional terms or items that may not have been addressed at the time the contract was originally signed. During attorney review, either party still has the opportunity to cancel or terminate the contract.
Another important thing to know is inspection contingency of the contract. As a first-time home buyer, you must know that you have the right to inspect the property before finalizing the purchase. Without a trustworthy real estate professional to consult, you could easily overlook your right to inspect a home or waive it without meaning. I always advise my clients to include an addendum in their contracts. This addendum outlines any additional provisions or concerns discussed during negotiations, but may not have been included in the original agreement. This way, everyone is on the same page, and there are no surprises down the road.
Thoroughly inspecting a home is crucial when considering purchasing it. However, buyers may not always have the time or knowledge to do so at the time they first visit the property. In these cases, it’s critical to have a professional inspect the property within 10 to 14 days of attorney review. This way, any issues with the home can be discovered and dealt with accordingly.
As the real estate attorney responsible for reviewing the inspection contingency, I ensure my client’s interests are always protected. If they discover anything during the inspection that they’re not happy with, I will discuss their options with them, which may be a request remediation of the issues, or termination of their contract.
With the guidance of a skilled attorney for Real Estate Law, you can have the peace of mind that comes with knowing that we’ll make it look easy.