Accepting an Offer

An effective agreement is a legal arrangement between you, the property seller, and a potential purchaser.  When selling residential property in NJ and particularly on or near Long Beach Island, you should be aware of practices and norms that are not always the same as in other states or non-shore communities.  Your Agent will help you navigate all requirements and make the process as smooth as possible.

The Price Is Not Always Right

Do not let yourself be fooled by popular misconceptions. “The higher the price, the better the offer” is not always true and the initial price may not be the sole determining factor in an offer to purchase property for very important reasons: an initial offer is usually not final, but rather the start of negotiations; and there are a number of other terms and conditions that may influence the final outcome and price. You can trust our professionals to help you thoroughly evaluate every proposal without compromising your marketing position.

When you are presented with an Offer to Purchase you should discuss terms and strategy with your Agent.  There are 3 possible responses: 

1. Acceptance of the terms;

2. Rejection of the offer; or 

3. Counter Offer.  If it is a counter offer then the Buyer will have the same three options you did… and repeat until you have a deal or determine that you can’t make one.

Negotiating The Right Way

We take the ethical responsibility of fairly negotiating contractual terms very seriously. It is our job to help find an agreement that is acceptable to all parties involved. You may even have to deal with multiple offers before accepting the one you judge to be the most suitable for you and as your agent, we will guarantee a thorough and objective assessment of each offer to help you make the right choice.

The Contract

Once you have Offer & Acceptance (O&A) the Buyer’s Agent is usually the one to write up the contract using the Standard Form for Real Estate Sales in New Jersey and your agreed-upon terms.  Once the Buyer has signed and initialed as required the contract will be forwarded to you for signing and initialing as well.  

The fully signed contract is distributed through the Agents to all parties and their respective Attorneys to begin Attorney Review.

Tip: Stick to the schedule.  Now that you have chosen your offer, you and the buyer will be given a timeline to mark every stage in the process of fulfilling the real estate contract. Meeting the requirements on time ensures a smoother flow of activities and that each party involved is not in breach of their agreements. During the process we will keep you constantly updated so you will always be prepared for the next step.

Attorney Review

In New Jersey a fully signed contract to purchase residential real estate is not binding for three business days.  This is to give the parties time to have the contract reviewed by their attorneys who propose changes and negotiate on your behalf regarding the legal verbiage of the contract, new or changing terms, and any other issues that may come up along the way.

Once both attorneys have signed off on the contract, with your approval, Attorney Review is concluded. 

[Your Agent may now place the property “Under Contract” in the MLS, also known as “Pending” or wait for the completion of any contract contingencies.]

Tip: It is highly recommended that you choose a local attorney for many of the same reasons you want a local agent.  It is very useful to have one who is familiar with the area and it’s norms as well as the other attorneys and agents. The process is smoother when all participants understand and agree on their roles and have easy, ongoing communications.  Your agent can give you a list of nearby attorneys.