Legal Question in Real Estate Law in New Jersey
Hello and thank you for any help/advice you can provide. I am a prospective Buyer. I entered into a contract that is contingent upon acceptance of our offer. However, the home is being sold in "as is" condition in New Jersey. I want to know during the "Attorney Review Period" if I should add a rider to our contract for the Inspection or possibly anything else. Here is what the current contract says regarding the Inspections:
Buyers Rights to Inspection-The Buyer acknowledges that the property is being sold in as "AS IS" condition adn that this Agreement is entered into based upon the knowledge of the Buyer as to the value of the land and whatever buildings are upon the Property, and not on any representation made by the Seller, the named Broker(s) or their agents as to character or quality. Therefore, the Buyer, ath e Buyer's sole cost and expense, is granted the right to have the dwelling and all other aspects of the Property, inspected and evaluated by "qualified inspectors" (as the term is defined in paragraph (f) below) for the pruporse of determing the existence of any physical defects or envirnomental conditions such as outlined abaove. If Buyer chooses to make the inspections referred to in this paragrah, such inspections must be completed, and written reports must be furnished to the Seller listed in Section 1 and broker(s) listed in Section 27 of this Agreement within 14 calendar days after the end of the Attorney Review Period set forth in Section 25 of this Agreement. If Buyer shall fail to furnish such written reports to the Seller and Broker(s) within the time period specified in this paragraph, this contigency clause shall be deemed waived by Buyer, and the Property shall be deemed acceptable by Buyer. The time period for furnishing the inspection reports is referred to as the "Inspection Time Period."
(d) Responsibility to Cure
If any physical defects, or environmental conditions (other than radon) are reported by qualified inspectors to the Seller within the Inspection Time Period, the Seller shall then have seven (7) calendar days after the receipt of such reports to notify the Buyer in writing that the Seller shall correct or cure any of the defects set forth in such reports. If Seller shall fail to notify Buyer of Seller's agreement to so cure and correct, such failure to so notify shall be deemed a refusal by Seller to cure or correct such defects. If Seller shall fail to agree to cure or correct such defects within said seven (7) day period, or if any part of the dwelling is found to be located within a flood hazard area, or if the environmental condition at the Property (other than radon) is incurable and is of such significance as to unreasonably endanger the health of the Buyer, the Buyer shall then have the right to void this Contract by notifying the Seller in writing within seven (7) calendar days thereafter. If Buyer shall fail to void this Contract within the seven (7) day period, the Buyer shall have waived his right to cancel this Contract and this Contract shall remain in full force, and Seller shall be under no obligation to correct or cure any of the defects set forth in the inspections. If Seller shall agree to correct or cure such defects, all such repair work shall be completed by Seller prior to the closing of title. Radon at the Property shall be governed by the provision of the Paragraph (b) above.
End.
Thank you for your time and I very much appreciate your help.
Regards,
Jonathan
2 Answers from Attorneys
Jonathan: This sounds like the normal and traditional language in NJ Real Estate contracts. In the attorney review, the language could be tweaked to be sure any defects are taken care of and remediation performed. There may be more that is required to be said, as I have more extensive language that I use in my contracts representing the Buyer. If I can be of assistance, contact me directly.
Mr. LeVine is correct.
You should understand that Attorney Review is a 3-day period that allows you to consult with a lawyer about the contract. During that time, the lawyer [not the buyer], according to the Buyer's response to the lawyer's advice, may "disapprove" or approve the agreement. The lawyer may also negotiate with the seller's lawyer to extend the review period and to work out changes that will be acceptable to both parties.
Whatever the language in the contract is, one part should not be looked at in isolation. The review by an experienced real estate lawyer is a value added process in your investment in a major asset. Do not skimp on this. The mess you get yourself into would cost far more than having representation by a lawyer at the beginning of your purchase.
THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.
* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.
* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.
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