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Old 04-29-2008, 07:44 PM
 
1 posts, read 12,374 times
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We the buyers signed the contract and the and the seller signed and initialed each page, and also made changes and an addendum also, changing some, or even contradicting what we originally signed. Aren't we allowed to go back and agree or not thru our real estate agent. She thinks the attorney review has started but we never initialed contract or agreed to sellers changes. What is the law, does anyone know?. We do have a contingency with the home inspection if we want out, but doesnt the contract need to be initialed by us and dated in NEw Jersey? When does the official review start, doesn't the contract need to be ironed out first? Not trusting our dual agnet. Shari

Last edited by ShariT; 04-29-2008 at 07:47 PM.. Reason: spelling, forgot sentence
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Old 04-29-2008, 08:18 PM
 
Location: Southern New Jersey
1,723 posts, read 2,965,663 times
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I believe the three day review starts when both parties sign the contract. I would suggest getting an attorney to review the contract and getting rid of the dual agent.
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Old 04-29-2008, 08:24 PM
 
323 posts, read 1,991,306 times
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I believe it's when you both sign(in your case it'd be the second time) since you didn't know about the changes..they'll probably have you initial(if you agree)
get a competent lawyer and you'll be all set
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Old 04-29-2008, 08:42 PM
 
Location: Martinsville, NJ
6,163 posts, read 12,134,382 times
Reputation: 3978
Quote:
Originally Posted by ShariT View Post
We the buyers signed the contract and the and the seller signed and initialed each page, and also made changes and an addendum also, changing some, or even contradicting what we originally signed. Aren't we allowed to go back and agree or not thru our real estate agent. She thinks the attorney review has started but we never initialed contract or agreed to sellers changes. What is the law, does anyone know?. We do have a contingency with the home inspection if we want out, but doesnt the contract need to be initialed by us and dated in NEw Jersey? When does the official review start, doesn't the contract need to be ironed out first? Not trusting our dual agnet. Shari
If they made changes that you have not yet initialed & agreed to, then you don't have a valid contract, and you are not in attorney review. Attorney review begins once all parties to the contract have fully executed documents. Fully executed would require that any & all changes be signed off on by all parties.
Sounds like they made a counteroffer to your written offer. Ball should be in your court at this point.
When you say "she" thinks that attorney review has begun, who is she? Your real estate agent? Or the seller?

P.S. Did you agree, verbally, to the changes that they put in writing and you have not signed off on? They can make the argument that you agreed to be bound by that verbal contract. Verbal contracts for the sale odf Real Estate are enforceable in NJ.

Last edited by Bill Keegan; 04-29-2008 at 08:44 PM.. Reason: Added the P.S.
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Old 07-18-2008, 08:46 AM
 
1 posts, read 12,206 times
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Verbal contracts for real estate are NOT enforcible in New Jersey. Also, attorney review starts the minute either attorney is sent a fully signed contract, even if one party made changes even if they were not approved by the other party to the transaction. Also, if either attorney feels that the contract is not complete or all terms were not agreed to when the contract was signed, the attorney must notify all parties in writing that attorney review has not started.
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Old 07-18-2008, 10:56 AM
 
70 posts, read 221,483 times
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We do sign something again, before attorney review is over - right? Going through same process.
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Old 07-22-2008, 06:05 PM
 
Location: Martinsville, NJ
6,163 posts, read 12,134,382 times
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Quote:
Originally Posted by oneemcme View Post
Verbal contracts for real estate are NOT enforcible in New Jersey. Also, attorney review starts the minute either attorney is sent a fully signed contract, even if one party made changes even if they were not approved by the other party to the transaction. Also, if either attorney feels that the contract is not complete or all terms were not agreed to when the contract was signed, the attorney must notify all parties in writing that attorney review has not started.
Sorry, but there is not a true statement in the above referenced post.

Verbal contracts for the sale of real estate ABSOLUTELY ARE ENORCEABLE in the state of NJ. Call any real estate attorney in the state and they should confirm that fact. Verbal contracts are rarely ev er used because of the difficulty in proving the terms, but they are very legal and acceptable.

Attorney review begins after all parties to the contract are in receipt of fully executed contracts. That means that any changes have been agreed to & signed off on by all parties, either in writing or verbally. Obviously, in almost every case this is a written contract acceptance.
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Old 07-22-2008, 06:08 PM
 
Location: Martinsville, NJ
6,163 posts, read 12,134,382 times
Reputation: 3978
Quote:
Originally Posted by movingsoon123 View Post
We do sign something again, before attorney review is over - right? Going through same process.
If you are still talking about central or north New Jersey; Once the attorney review starts, it's rare that the principals will need to sign anything else related to the contract. Your attorney will handle the rest. Mortgage documents and all that are separate.
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Old 07-22-2008, 08:24 PM
 
27 posts, read 93,406 times
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Default Simple advice.

Do not sign any papers.
Take the documents and bring them to your attorney first.
He will make changes. Seller will make changes. You will make changes. Then you sign the contract.

You're not in a sellers market, so no rush.
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Old 07-22-2008, 08:47 PM
 
986 posts, read 628,439 times
Reputation: 500
Quote:
Originally Posted by ShariT View Post
We the buyers signed the contract and the and the seller signed and initialed each page, and also made changes and an addendum also, changing some, or even contradicting what we originally signed. Aren't we allowed to go back and agree or not thru our real estate agent. She thinks the attorney review has started but we never initialed contract or agreed to sellers changes. What is the law, does anyone know?. We do have a contingency with the home inspection if we want out, but doesnt the contract need to be initialed by us and dated in NEw Jersey? When does the official review start, doesn't the contract need to be ironed out first? Not trusting our dual agnet. Shari

I like to understand something you said that you do not trust your dual agent. Does she represent both you the buyer and the seller? If yes then she would be the one who sent the contract to both attys. When your agent got the contract signed if the sellers did not like the terms they should have not signed it. This is when negotiation continues until both parties agree. Sorry to say she was wrong and should have not represented both sides in the negotations of the contract.

Attorney review starts once the contract is executed fully by both parties. Any changes afterwards would be made through the attys. Either party can back out of a contract within the first three days.

Verbal contracts are not enforciable in NJ, verbal means nothing.. That is why when you put a verbal offer and someone presents a written offer the written offer takes precedence.

What I would suggest is to call your atty. and make him aware of what happened and let him handle it from there. Good luck....
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