Married Couple Purchases New Home for Their Growing Family

The Challenge

Unlike Pennsylvania, New Jersey residential real estate transactions include an attorney review period. During this period, either party may terminate the contract if they are dissatisfied with its terms after review by counsel.

After being retained, Nochumson P.C. reviewed the agreement of sale with the clients in detail. As is common in many residential transactions, the form contract prepared by the local board of realtors did not fully address all matters important to the parties involved in the transaction.

The Solution

Nochumson P.C. worked closely with the clients to review each contractual provision and better understand their priorities for the purchase. Following those discussions, the firm prepared an addendum to the agreement of sale and negotiated its terms with the sellers’ attorney until a mutually accepted version was finalized and executed.

Following inspections of the property, additional issues were identified. Nochumson P.C. then prepared an amendment to the agreement requiring the sellers to correct those issues prior to closing in a good and workmanlike manner and in accordance with applicable law. The sellers agreed to those terms and executed the amendment.

In New Jersey residential real estate transactions, attorney review and inspection negotiations can significantly impact the rights and obligations of both buyers and sellers before closing.

The Results

At closing, Nochumson P.C. reviewed the loan documents and closing paperwork with the clients before execution. At the conclusion of the transaction, the clients received the keys to their new home and successfully completed their move to Southern New Jersey for their growing family.