Help Me With Sign New Jersey Banking Contract

Document type sign profit sharing agreement template new jersey fast

hello everyone welcome to writing a New Jersey contract of sale all right the sales contract has 13 pages commencing with a notice to the buyer and seller basically this notice explains that the client would be advised to hire an attorney in the state of New Jersey that is common that attorneys represent clients in real estate transactions not true in all states there's not much to fill out on this notice basically you're gonna have your client read it on line one here you are going to in 99% of the cases have you're gonna initial the buyer not the seller and that's who you're representing it may also be both the seller and the buyer depending on your agency relationship at the bottom here you're going to have the buyer sign it is not mandatory that the seller has to fill this out too sometimes they will that's fine make sure you put the selling broker here under the buyer and that will be Keller Williams cornerstone and your name under the name of the real estate licensee all right moving on to page 2 I'm gonna refer to on the left side of this document I'm gonna refer to the numbers so it's easier to move around and to be more accurate as to where on pointing you there's also I'll call them paragraphs or sections here's section 1 here's section 2 but I'm gonna I'm gonna pretty much go with these these numbers on the left side of the document so online 18 19 20 we're gonna have the buyers names and has room for up to four buyers that's pretty simple the buyers address will go on 22 and 24 agrees to purchase from now this will be your seller now you may not always know the sellers name you may you may not I always recommend you pull the tax records for the property that you're attempting to purchase and that should give you the sellers name to indicate here it's okay if you leave it blank if you cannot locate it the attorney can fill it in later same with the sellers address if you have it great if you don't that's not the end of the world okay line 36 is the property address line 38 minutes Apple tacks map of town name or Township would go in their County self-explanatory line 40 block and lot number you can get these from both the tax record and from the Multiple Listing document okay moving on to line 44 total purchase price this will be the offer so whatever the offer is we'll go on line 44 line 45 initial deposit we don't really do that anymore it's not necessary to have an initial deposit meaning immediately with with the with the offer so I would leave that as n/a or zero line 46 additional deposit now this would be the deposit you're going to put down I recommend after conclusion of attorney review you want to wait till attorney review is over so you make sure that the contracts been approved by both attorneys before you enter into any expenses and put any kind of deposits down so generally I recommend a two-week period from the date of the contract and the amount of that deposit is up to your client now they can let let's say they're putting 20% total down as a deposit it's their choice how they want to do that they can put 10% down on line 46 right after attorney review and then they can bring the other 10% to closing obviously the the more you put down earlier the better for the seller the seller will like that it means you have some skin in the game and it shows you're a serious buyer so that's really so long as your client understands that it's up to your client there's - how he splits that up whether he puts it all down initially or some down now and then some down at closing so that's your additional deposit on line 46 line 47 of course that'll be whatever the mortgage amount is line 48 will be any additional deposits you are bringing to closing now it could be non-applicable or zero depending on what how your client wants to handle this as I mentioned earlier so that's what would go on line 48 moving on to page three okay here on page three we have on line 56 additional deposit as I said earlier the initial deposit is really not necessary so whatever your additional deposit is you're going to indicate the time frame so on line 57 I usually recommend two weeks again we want to wait until it's out of attorney review if now usually attorney review is you know three four days tops so it shouldn't be an issue if you put two weeks if attorney review for some reason is delayed your attorney can always extend that date so as a general guideline put two weeks line 61 any deposit monies are typically held in a non interest-bearing trust account of buyer's attorney so indicate buyer's attorney there if we have a mortgage I'm going to skip down to line seventy five the principle orgas amount will go in this first area type of mortgage it's really not necessary to put the terms and the monthly payment and you know if you want to do that fine but all they need to really know is the principle amount and the type of the mortgage line seventy nine will be the mortgage commitment date this is the date where by this date we expect to have a written commitment from the lender that says although there may be a few conditions the loan has been approved typically you want to do this at least a couple of weeks before closing and from the date of the contract most lenders should be able to do this within 30 days but have your client your buyer check with their lender and make sure what date is comfortable for you to put in this field moving down to line 94 this is if you're bringing any this is the closing actually the closing date so you're gonna just enter the closing date here if there are money's due at closing obviously you'll bring that to your client I'll bring that to closing but this is the closing date that you are recommending it's up to you it's up to your client what closing date they choose that can also that could always be negotiated between the buyer and the seller anything in the contract can be okay page four we have items included and excluded from sale so line 114 is what's included with the sale now generally on the listing you will see the appliances that are included like it may say washer dryer etc I recommend you you specifically write them down on line 114 some agents will put down eyes per listing number xxx I would recommend you actually put the items in there just to make sure everything is documented items excluded from sale usually that would be blank but they may they may exclude something that you would normally expect them to expect that would come with the house say a ceiling fan you would think you know the seller would leave the ceiling fans if they tell you I'm taking the ceiling fan in the living room just make sure you indicate that on line 120 okay this next section most of these in this these next sections will be left to the attorney you will notice for example on line 137 there is a field and this is a field for any expenses related to a co now you could put a number there I prefer to let the attorney handle this and also there is the you'll see after the field it'll say if left blank then 1.5% of purchase price so the attorney will look this over if he wants to put a dollar amount in line 137 he will he or she will but that's what I recommend here municipal assessments if you're aware of any you could certainly indicate has been notified usually that'll be has not so you can fill that in line 174 again I would leave that to the attorney usually if it's a single family you can certainly put the word single in their line 188 and 197 usually you won't have tenants involved if it's a house that your tenth year buyers gonna purchase that currently has tenants in it that's the information that would go in here pretty self-explanatory if the home was built prior to 1978 you have to indicate that the lead paint hazard is applicable and you would also have a lead paint addendum attached to the contract moving on to page six aligned to 33 and to 35 leave them to the attorney is my advice point-of-entry treatment now these are septic systems if if you do have a septic system you're going to indicate that here usually you will say it's not applicable because a poet system is a unique type of septic not many homes have cesspools anymore so you're most likely going to indicate not applicable if the home does have a cesspool then you have all kinds of issues you have to deal with including separate addendums to the contract so definitely this is an area where the attorney would have to fill this whole section out and any we'd have to have any related addendums attached to the contract of sale moving along to page 7 we have our most of this is just issues you can leave to the attorney as I said before same with page 8 page 9 has a list of airports or not airports but communities that have airports it's up to your client your buyer to read these over and make he or she aware that there there could be an airport in the town that they're considering purchasing their property it page 9 page 10 really nothing to worry about page 11 here you're gonna indicate the real estate firms that are involved in it online 538 it'll be Keller Williams cornerstone usually and your name on line 539 on 543 you can indicate how you're representing that and usually it'll be buyer's agent or possibly disclosed dual agent on line 546 this is the listing office so information supplied by that'll be the name of the listing office and they will of course be the sellers agent broker information and Commission the listing firm will be first it is not required to have a real estate commission licensed ID you can leave that blank you're gonna have the listing firm's address here telephone number if you have it everything you have now the Commission do listing firm you will not know so you're gonna that's why it says per listing agreement you can leave that the way it is participating firm will be Keller Williams and that's our office information so you can now Commission do participating firm here online 580 whatever is on the listing you can put there so for example 2.5 - 50 just put that there moving on to page 12 on line 591 you need to disclose if the buyer is a real estate agent moving down to 13 this is the final page if there are any contract addendums that are applicable you want to check them off here any contractual provisions usually this will be blank but if for example you had a contingency like that that the buyer had to has to sell his house before he purchases this you definitely want to have that in there any kinds of contingencies basically is in the line 6 6 8 then of course you're going to have your buyer sign and date this page you can witness it it's not mandatory but that's certainly something you can do and don't forget the buyer has to initial every page of this document so that's it I hope it's helpful to you that's a contract of sale have a great day take care