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REAL ESTATE PURCHASE PROCESS IN NEW JERSEY
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- Get pre-approved by a reputable bank or mortgage broker.
- Make a written offer in the form of a purchase contract. The contract will be submitted with your pre-approval and will include the following information:
- Purchase price
- Good faith deposit – minimum $1000 check submitted with contract
- 10% deposit - due about 2-3 weeks after signing contract (date referenced in contract)
- Mortgage amount and 30 day mortgage contingency (date referenced in contract)
- Proposed closing date (usually 30-75 days out)
- Make arrangements to access your 10% deposit monies.
- Enter into attorney review.
- Your attorney will extend the 3 day attorney review period. Review time will vary depending on how quickly the attorneys move, but on average it takes about 5-7 days.
- During attorney review, the property can still be shown and either party can back out for any reason without penalty.
- The attorneys will send “riders” (amendments to the contract) back and forth and when all terms are agreed upon they will conclude attorney review.
- Home inspections are set up when attorney review concludes. You will have 10 days to submit your inspection requests. The attorneys will negotiate these requests.
- Apply for your mortgage when attorney review concludes. If you have a quick closing this should be done earlier.
- 10% deposit will be due (date referenced in contract) to sellers’ attorney.
- Bank appraisal.
- Survey.
- Title search.
- Call for homeowners insurance.
- Call utilities with your information.
- Schedule walk-through day before or day of closing.
- Close
- *Buyers purchasing a home of $1,000,000 or more will pay a 1% fee to the State of NJ!
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