I’ve written about this before but it continues to be a subject of much misunderstanding so here is a refresher on Attorney Review.
When you buy real estate in Hoboken, be it a condo or a house, there is a particular order of events that typically take place. Basically, you get your pre-qualification letter from a mortgage broker or bank, find your dream home, make an offer in contract form if you have a decent realtor and, after negotiation (or more likely, these days, a final and best scenario) the seller accepts your offer. Wait! Agents aren’t lawyers! (well, I am but I think I’m the only one in Hoboken). True – but the NJ Association of Realtors provides a standard-form sales contract that realtors routinely use as the starting point for your deal. As part of a settlement agreement in the NJ courts, in order to avoid the unlicensed practice of law, the NJ Association of Realtors agreed to use this standard contract along with the “Attorney Review” provision. The realtors can start the process but the lawyers do the real legal work.
Attorney review is a ‘time-out’ period of a minimum 3 business days required by New Jersey law. During this time your lawyer performs “due diligence”. The 3 day clock begins ticking when the parties have fully executed contracts. The respective attorneys will review and make changes to the sales contract by sending riders back and forth. It’s very important for you and your realtor to be copied on these riders so everyone knows what is going on. Remember, it’s your money being spent. You need to agree to these changes, too.
The attorneys can agree to shorten the 3 business day period. They can also agree to lengthen it but if they do not – it automatically ends at the end of 3 business days and the contract becomes binding. If there are outstanding riders review does not end until the parties come to an agreement.
The attorney review period gives you (and the seller) a chance to “sleep” on your decision. If at any time during attorney review you change your mind you can simply walk away. No reason or explanation necessary. You get your $1,000 good faith deposit back – no questions asked. It’s similar to when you join a health club and the papers say that you have 24 hours to change your mind and can get your money back.
Remember, though, that the seller can also change his or her mind during attorney review. At the height of the market or on a hot property many buyers would go into attorney review thinking they’d bought a new condo. In the meantime, the seller would get a higher offer and cancel the contract with the first buyer. So buyer beware – until attorney review is over, the sales contract is not legally binding. Both parties should be prepared for the worst, even if it means 3 (or more) sleepless nights while waiting for attorney review to end.
When hiring a real estate lawyer, you would be wise to ask about schedule and availability. It would be a shame to lose the condo of your dreams because your attorney was too busy to get to your sales contract before the seller changed his mind.
So find a lawyer who has the time to focus on your deal. Don’t make any irrevocable plans until attorney review ends. And most importantly, insist that your lawyer keep you and your realtor informed of what is taking place during the attorney review period.
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The Weekly Wednesday Wrap-Up – Hoboken Residential Sales and Activity for the Week of April 1st, 2015
As of April 1st, 2015:
- 137 active Hoboken listings
- 122 Condo & Co-op listings, compared to 1160 last week
- 7 Single-family listings, compared to 9 last week
- 8 Multi-family listings, compared to 9 last week
This Week’s Residential Property Sales & Activity:
- 21 DABOs (Deposit Accepted By Owner and Under Contract) vs. 26 last week
- 17 Sold vs 14 last week
- 37 New listings vs. 35 last week
- 6 Price changes vs. 3 last week
- 6 expired listings vs. 2 last week
Studio & 1-Bedroom Properties
44 Active listings
16 New listings
1 Price change
- 301 Monroe St., 502/5L listed Mar 23 for $375K;
- 230 Bloomfield St., 401 listed Mar 15 for $395K;
- 68 Park Ave., 4 listed Mar 10 for $408K;
- 813 willow Ave., 2N listed Mar 19 for $419K;
- 920 Jefferson St., 602 listed Mar 17 for $449K;
- 700 1st St., 13U listed Mar 17 for $489K;
- 914 Garden St., 2 listed Mar 24 for $500K;
- 1500 Washington St., 2H listed Feb 18 for $510K;
- 700 1st St., 10J listed Mar 30 for $740K;
- 826 Washington St., garden listed Sept 16 for $350K; reduced Oct 6 to $339K; sold for $315K;
- 128 Madison St., 3N listed Jan 2 for $340K; sold for $335K;
- 1001 Clinton St., 3B listed Dec 12 for $440K; sold for $438K;
- 1500 Hudson St., 4B listed Mar 3 for $545K; sold for $540K;
- 1500 Washington St., 5C listed Jan 5 for $625K; sold for $610K;
56 Active listings
17 New listings
3 Price changes
- 412 Washington St., 2E listed Mar 18 for $489K;
- 622 Jefferson St., C listed Mar 26 for $600K;
- 1301 Adams St., 309 listed Mar 26 for $675K;
- 412 Washington St., 5C listed Mar 10 for $675K;
- 163-165 Newark St., 5B listed Mar 11 for $899K;
- 113 Willow Ave., 4 listed Mar 19 for $899K;
- 610 Clinton St., 2C listed Mar 18 for $1.175M;
- 1025 Maxwell Ln., 1203 listed Mar 16 for $1.765M;
- 207 14th St., 4R listed Jan 9 for $400K; sold for $418K;
- 627 Willow Ave., 2 listed Jan 21 for $425K; sold for $440K;
- 130 Adams St., 1 listed Sept 5 for $500K; reduced Jan 20 to $488K; sold for $475K;
- 839 Willow Ave., 10 listed Jan 13 for $525K; sold for $535K;
- 613 Monroe St., 4 listed Nov 13 for $565K; sold for $565K;
- 501-515 Adams St., 3K listed Feb 3 for $649K; sold for $649K;
- 224 Hudson St., 3B listed Dec 17 for $685K; sold for $710K;
- 132 Bloomfield St., 1 listed Jan 12 for $820K; sold for $820K;
- 1450 Washington St., 504 listed Dec 30 for $1.150M; reduced Jan 15 to $1.099M; sold for $1.080M;
- 1100 Maxwell Ln., 701 listed Aug 19 for $1.350M; sold for $1.325M;
3-Bedroom & Larger Properties
22 Active listings
4 New listings
2 Price changes
8 Multi-Family Active listings
7 Single-Family Active listings
- 720 Willow Ave., 4 listed Mar 18 for $995K;
- 208 5th St., listed Feb 18 for $1.269M;
- 113 Grand St., listed Mar 20 for $3.50M;
- 925 Hudson St., listed Jan 26 for $4.650M;
- 341 Garden St., listed Sept 29 for $1.399M; reduced Oct 11 to $1.299M; sold for $950K;
- 209 Park Ave., listed Oct 30 for $1.398M; sold for $1.250M;
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The Original and Best Open House Google Map!
Courtesy of the Turoff Realty Team
No need to register! No form to fill out!
Just click on the map below to see every Open House in Hoboken this weekend:
When you look at the maps, place markers are color coded:
- Studios & 1BRs are red
- 2BRs are green
- 3BRs & Bigger are yellow
- New listings are marked with a Push Pin icon (in the same color scheme.)
Click the “Address”, “Price” “Bed” or “Details” columns to sort the list of open houses in ascending or descending order.
Click on the location marker for:
- open house date
- unit size
- asking price
- link to all the info found on the MLS and more (from ourHobokensBestHomes.com IDX feed.)
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