The buyers or the buyers' realtor are under no obligation to tell you what the contract means and you may not understand the legal meaning of the terminology. So, if you are going to have an attorney represent you in the transaction, the time to consult one is either before you sign any papers or within 2 days of signing. The Contracts often have standard clauses. RISK OF LOSS 13. The Contract of Sale should state the parties, the purchase price and how it is to be paid, an adequate description of the property being sold, the kind of deed to be delivered, the quality of the seller's title to the property included in the sale, the date you are to take possession, and other clauses relating to the property and the parties' respective responsibilities to each other.
Lead paint New laws require a signed lead paint warning and disclosure statement.
Internal Revenue Code Section 121 was amended by the Taxpayer Relief Act of 1997. In addition, regulations require all realtors to disclose in writing whether they represent the buyer, seller or both. We highly recommend to someone selling a house that they retain a full time licensed real estate salesperson. Home inspectors must be licensed The NJ Home Inspection Licensing Act, which took effect July 6, requires home inspectors to acquire a license from the state, maintain minimum standards of practice and ethics, and carry insurane for their errors and ommissions. Perhaps the seller may want to retain possession of the property for some time in order to find new accommodations.