Buying a home starts with signing a contract.
This document sets forth the Buyer's and Seller's rights and obligations to each other. Some of its essential terms are: the parties' identities; the purchase price; the closing date; the type of deed and quality of title the Seller must provide; which items are included in and excluded from the sale; the rights of the Buyer to perform inspections; the Seller's rights in terms of making or not making repairs; and many other terms that define how the transaction must proceed.
Your REALTOR® cannot give you legal advice...
...and that includes explaining and interpreting the contract. Although not "mandatory," it's extremely important to consider retaining an Attorney to review the contract on your behalf, to ensure that your legal rights are protected, to answer any contract or "what if" questions you might have before and during the purchase process, and to advise you of your rights and obligations. Once the contract is finalized, the Buyer and Seller are bound by its terms, and may later regret if they didn't understand the terms, or if the terms are not what they intended.
New Jersey law requires that all contracts be drafted in "plain language"...
...and for the most part, they are. However, there are concepts in real estate transactions which come to us from English Common Law, and practices dating back many centuries. The average lay person may be hard-pressed to understand some of these concepts, and relying on logic doesn't guarantee you're getting it right. Attorneys are trained in this area, and they are best able to advise clients as to the subtle nuances of real estate law.
In all cases, you'll be best served by retaining an Attorney to represent your legal interests.
Yes, it's an additional cost, but that pales in comparison to the expenses that can arise from a costly mistake or misinterpretation. It's important that each party have an Attorney review the contract to ensure their legal rights are protected, and that they understand the terms of the contract. REALTORS® can neither give legal advice nor represent the legal rights of the involved parties.
