Scarinci Hollenbeck, LLC
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Author: Scarinci Hollenbeck, LLC
Date: April 13, 2016
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201-896-4100 info@sh-law.comReal estate contracts establish the financial obligations of each party, describe the property to be transferred, dictate the timing of the transaction and outline other key terms of the deal. Most importantly, contracts provide legal recourse should one party fail to uphold its part of the bargain. As a result, it is important to carefully draft and negotiate all real estate contracts.
Contract law largely governs real estate agreements. Under New Jersey’s Statute of Frauds, real estate contracts must be signed and in writing to be enforceable. This includes purchase and sale agreements and property leases. The law does not specify the contents of the agreement, but an enforceable contract must generally identify the parties, describe the subject property and establish the essential terms of the agreement (e.g., price). The rest is up to the parties.
As a result, parties often memorialize purchase agreements or leases using pre-printed forms that include the basic elements required to formalize an agreement. While these agreements may save time and money, they are not tailored to reflect the specific circumstances of the parties or the property. Therefore, they may not adequately protect the parties’ legal rights. While a pre-printed form is often used by brokers in connection with residential sales such forms lack the detail and sophistication generally necessary in a commercial setting. In addition, commercial sales require attention to a variety of tax, transfer and cancellation rights and options that vary substantially from the basic pre-printed forms.
Common contract provisions not found in most standard agreements include contingencies and inspections. For instance, residential buyers may want to include a contingency relieving performance if they are unable to secure financing. In commercial transactions, buyers may want to investigate the zoning of the property or potential environmental liabilities prior to closing the deal.
The terms of a real estate agreement can always be negotiated, even if you are presented with a “standard” contract form. While the best option is to consult with an experienced Monmouth County real estate attorney, buyers and sellers can take steps to protect their best interests. Below are a few tips:
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