The Now What? Series, brought to you by The Natale Group, will be the best source for all questions about real estate transactions, from the first thought of buying or selling, all the way to the closing table. In this business as a Broker-Associate, I always have client’s who ask for guidance throughout the process of buying or selling real estate. I figured a great idea would be to put all of those “What happens if..?” or “What do you think about..?” or “Now What do I do?” questions into an extensive blog series. Enjoy!
An accepted offer is a great feeling for The Natale Group’s buyer of a property, and most times a great feeling for the seller of the property. It’s the first step in a smooth remaining transaction between a purchaser of a property and a seller of a property. Right after an offer is accepted and then signed by the seller, the contract goes into attorney review.
In every real estate contract in NJ, there is a 3-day window in which a buyer or seller can cancel their real estate contract for any reason and not be held liable, or while the property is still in attorney review. Attorney review typically takes three days, but could be shorter or longer, depending on both the buyer’s and seller’s attorneys ability to review and make any changes to the contract they deem necessary.
Once attorney review is concluded, neither party can cancel the contract just because they wish to. Outside of the inspection contingency and mortgage contingency, the contract is executed and the terms are fully in agreement. This means the buyer’s last real chance to make sure this is “the one,” is during attorney review while both parties can still cancel.
During attorney review, the seller has the opportunity to continue showing the property and entertain other offers that could potentially come in. Since both parties can cancel at any point during attorney review, if a seller receives a higher offer or one with more suitable terms to them, they could cancel the current contract to take that other one. With that said, once a contract is out of attorney review, the current MLS listing is marked under contract and showings can not continue.
Need to find a great attorney? The Natale Group knows some of NJ’s best.
John Natale Jr.
The Natale Group – Owner/Operator
Keller Williams Realty East Monmouth
Cell: (732) 546-6177