Today I am writing a very difficult contract on a Princeton Property. Boy I love this work, running back and forth to the township office, Zoning, Planning, Assessors office and the Tax office... get more details at www.JerelWashington.com.
3/31/09 - The Offer was accepted! Hurray... now we just need to get it to closing. Wish us LUCK!
Next is Attorney Review: What's that? Well in New Jersey... (Right from the License Book - Chapter 9 Contracts (Principles and Practices of New Jersey Real Estate by Frank W. Kovats, DREI)
ATTORNEY REVIEW has to do with Preparing Contracts. Real estate agetns are recognized tohave limited authority in the preparation of contracts and in the rendering of advice relative to their area of expertise. Any person who engages in the practice of law (as it's defined in New Jersey) without a license is a "disorderly person" according to state law. The Supreme Court of New Jersey has exlusive jurisdiction over the practice of law in our state.
The NJ Bar Association v. NJ Association of Realtors, the court granted a consent judgement confirming an agreement between the parties, providing that real estate brokers would be permitted to fill in the blank spaces in approved standard contract forms for the following types of residential sales and lease agreements:
All residential sales contracts and residential leases prepared by real estate licensees must contain, at the top ofthe first page the following language:
THIS IS A LEGALLY BINDING CONTRACT THAT WILL BECOME FINAL WITHIN THREE BUSINESS DAYS. DURING THIS PERIOD YOU MAY CHOOSE TO CONSULT AN ATTORNEY WHO CAN REVIEW AND CANCEL THE CONTRACT. SEE SECTION ON ATTORNEY REVIEW FOR DETAILS.
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Notice it says "YOU MAY CHOOSE" which means it is not mandatory. For the purpose of my blog, let me just say this... if a standard state contract was REQUIRED TO BE USED there would be NO NEED FOR ATTORNEY'S IN RESIDENTIAL REAL ESTATE. Attorneys may argue differently (of course they will argue), but that is my opinion due to the following: I've been told that in residential real estate only 3 states even have this type of "Clause".
In my opinion... KEEP ATTORNEYS OUT OF RESIDENTIAL REAL ESTATE! USE STANDARD STATE CONTRACTS ONLY AND PRACTICE FULL DISCLOSURE!
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Hi Jerel: you said a mouthful - I agree 300% keep attorney's out of the contract review process and use standard contracts!
:)