Legal Information About the Real Estate Contract

The conclusion of final agreement between a seller and a buyer is the Agreement of Purchase and Sale. We know it as the real estate contract.

There are five mandatory requirements for a contract under contract law:

1. The name, address and contact data for the seller(s) and buyer(s).

2. A clear description of the property. We prefer the tax map and parcel number but a street address, or other clear description will do. Such as “parcel known as Hudson Farm, being 456 acres more or less fronting on west side of US Route One and County Rd. 264, being about 9 miles north of Rehoboth in Sussex County Delaware. The final description on the deed at settlement will contain the Book and Page number where it was purchased, a survey description and tax map ID. For the contract any clear description that could ONLY be the property being sold is sufficient. This can be the Tax I.D. number.

3. The price and terms of payment. For instance: cash at settlement in thirty days from the date of this contract. Here should also be noted the deposit or consideration which may be as little as one dollar BUT is normally 10% of the purchase price.

4. The date of the contract.

5. Signatures of all sellers and buyers.

Although the contract need not be written on the form provided by the Realtor, it is customary to do so. On larger properties a simple note is often written which include the above 5 items and says that a full contract will follow. Then, the short contract is followed by another formalized contract drawn up by the attorney for the buyer or the seller. That is then reviewed and usually changed to some degree by the attorneys for the other side of the transaction.

On larger and more complicated properties the contract can go to dozens or even hundreds of pages. The five items here must be included but hundreds or thousands of other items may need to be included for some properties.

Most contracts today, for residential homes, are written on the standard contract form authorized by the County Board of Realtors and provided by the purchaser’s Realtor. The deposit money, or earnest money as it is sometimes called, is usually deposited in the escrow account of the selling Realtor.

Until all of the items above are included and ratified by all parties there is not a contract but only a “contract in progress” or an “offer” as we call it. This can be an offer to sell or an offer to buy and there may be several counter offers going back and forth as negotiations continue.

When everything is finalized the fully written and agreed upon document is said to be ratified. Even then the contract is not fully enforceable until it is conveyed, and received, in writing to all parties. THEN and only then can it be said to be a full and complete and enforcable contract.

Copyright © 2001-2005 www.JodyHudson.com

New Jersey Personal Injury Lawyers

It is often observed that people who are involved in personal injury cases do not seek any help or guidance from a personal injury lawyer. The main reason for this is the fear that doing so can be too expensive and complicated. One of the major drawbacks in any personal injury case is the stress and expenditure associated with filing the case and other court proceedings. However, in New Jersey there are many law firms that have the capacity to completely alleviate those fears. Today, getting the services of a New Jersey personal injury lawyer is an easy task.

A personal injury lawyer is needed when a person decides to claim compensation for pain and suffering that is caused by a personal injury. Filling a personal injury claim in the case of negligence is essential for anyone. This kind of legal action helps create awareness among people and also acts as a note of caution to other fraudulent companies or people.

New Jersey personal injury lawyers are specialized in offering various personal injury services, such as handling cases of auto or car accidents, aviation disasters, plane crashes, or accidents. Personal injury lawyers evaluate the case and inform their clients about the amount of compensation. The personal injury lawyers help their client get the maximum possible compensation. Some of the personal injury lawyers work on a contingency basis, charging compensation only if their client wins the case.

Some personal injury lawyers also work on a pro bono basis to help people who do not have adequate finances to fight their case. This kind of help is also provided by the lawyers of charitable and non-profit organizations.

Experienced and proficient legal counsel is very important in any personal injury case. New Jersey has a number of such proficient lawyers who help fight personal injury cases. Most people seek references from family and friends, rather than go through the listings available, to select a personal injury lawyer.

Aim of Legal Directories and Legal Information Providers

There are certain problematic occasions when you need an attorney and comprehensive legal assistance. It is essential to take legal decisions seriously otherwise it could lead to severe consequences and even jail also. Whether you need a bail bond agent or an immigration attorney for your favor in court that can defend you. Therefore, it is always good to seek them for instant help. You can also search them online through online legal directories. Most of the people find attorney as and when needed through the online search directories for utmost convenience. It is the simplest method to search and locate a lawyer in your region through these legal resources.

In fact, these legal resources are the pure repository of the complete profiles of the attorneys, their experience, office address and their area of expertise. These resources also provide vital set of legal information to the public in order to make them aware about the legal terminologies. These directories itself serves as a catalog and provides enough information regarding, immigration law, bankruptcy law, divorce law, real estate law, intellectual property law, business law, tax law and other legal documents and forms. Even you can expect emancipation forms, guardianship forms, marriage forms, power of attorney forms (including, but not limited to, power of attorney durable, power of attorney – health care, limited power of attorney, power of attorney – childcare, power of attorney – revocation, and all types legal forms), name change forms, citizenship forms, passport forms, passport application, visa forms, federal tax forms and much more from these online legal resources.

The primary advantage is that you can find the best attorney for your DWI or any other legal difficulty, through online resources. In fact, you can find the renowned bail bond agent and bail Bond Company easily with the help of these websites. You can locate them and personally visit them to discuss criminal record (if any), history of showing up for past court appearances, and any other concerns. You can discuss the complete process and initiate it consequently. Moreover, you can access a list of the County jail locations and access to the County Jail Lockup system for your convenience.

Finding an attorney is supposed to be the common way that people adopt these days. It is not only an easy and simple way, but also the fastest means of getting legal information & assistance. Online law firm information providers or directories also offer free legal forms, guide for lawyers, the latest news and information that can be accessed free of cost. Anybody can access these directories for their personal reasons; however one thing must be noted that these legal directories cannot provide any kind of advice, explanation, opinion, or recommendation to a consumer about possible legal rights, defenses, selection of forms or strategies. The very aim of these directories is to modernize legal technology and develop technologies that facilitate internet marketing for legal professionals.