Married Couple Purchases New Home for Their Growing Family

Our clients, a married couple, who lived in Old City, Philadelphia at the time, just had their first baby. They decided to move their family to the suburbs in Southern Jersey in order to best serve them as they hit the next phase of their lives. After finding the home they desperately wanted, they had entered into a written purchase agreement for the property.

Understanding New Jersey’s Attorney Review Period

Unlike Pennsylvania, there is an attorney review period in New Jersey for written contracts for the transfer of the residential real estate. During the attorney review period, the written contract is voidable and either the seller or buyer can terminate it if either of them is dissatisfied by its terms and conditions after their attorney reviews it.

Reviewing the Contract and Addressing Client Needs

After we were retained by our clients, we thoroughly reviewed the terms and conditions of the purchase contract with them. As it is with most purchase contracts, the real estate agents used the form contract prepared by the local board of realtors which does not usually account for all matters which may be of importance to the parties of the real estate transaction.

Customizing the Deal Through an Addendum

When we reviewed the purchase contract with our clients, we went through each and every contractual provision to better understand the wants and needs of our clients when it came to purchasing this property. Ultimately, after our discussion with them, we prepared an addendum to the purchase contract which we forwarded to the sellers’ attorney. After much negotiation, an addendum was ultimately mutually accepted by the parties which they executed and they proceeded forward with the real estate transaction.

Resolving Inspection Issues Before Closing

Our clients then performed physical inspections of the property and discovered some issues with it. We then prepared an amendment to the purchase contract, requiring the sellers to correct these issues with the property prior to closing in a good and workmanlike manner and in accordance with the law. The sellers agreed to our terms and conditions, as contained in the amendment to the purchase contract, and executed it.

Closing Day: Reviewing and Finalizing the Deal

At the closing table, we reviewed each and every loan and other documents with our clients which they had to execute. At the end of the closing, they received the keys to their new home. They are now proud homeowners and enjoy the space afforded to them in the suburbs for their growing family.