Douglas "Doug" Tucker

Sales Associate

Real Estate Contracts



 

A NJ real estate contract is a legal document that should be reviewed by an attorney.  Unlike other states, NJ realtors prepare the contract and then the seller and buyer should have their attorney review it within three days.  The parts of a real estate contract is explained by the Douglas Tucker Real Estate Team of Morristown's RE/MAX Properties Unlimited. 

Parts of a Real Estate Contract

A real estate contract is not valid until it is fully executed by the seller and the buyer, and delivered to both parties either by hand, fax, or mail.  A contract has this essential information:

  • Seller's name and address
  • Buyer's name and address
  • Property address
  • Block and lot number of the property
  • Purchase price
  • Downpayment amount
  • Second downpayment amount and date due
  • Closing date
  • Mortgage commitment date
  • Amount of the final deposit at closing
  • Type of residence (single family home, etc.)
  • Inclusions
  • Exclusions
  • Contractual provisions (such as a home contingency, disclosure, etc.)
  • Brokerage name and commission
  • Location of closing
  • Title amount that would be reimbursed
  • Inspection clauses
  • Signatures of all parties
  • Witnesses if necessary

Do not be afraid to ask your realtor for a detailed explanation or contract sample before you sign one.  If you have any questions about any of the terms listed above, contact Douglas Tucker at 973-769-1563 or email.