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A contract must be signed by both parties involved in the purchase and sale of a property to be legally enforceable. All parties signing must be of legal age and must enter into the contract voluntarily, not by force, to be enforceable.

There are some essential elements that must be included in a real estate contract to meet legal standards in New Jersey. A real estate contract must state a specific legality of purpose, involve parties who are competent, constitute agreement by offer and acceptance, and include consideration and consent.

If a buyer had to make unexpected repairs, a court may order a seller to pay for them. Residential sellers owe a duty of care to reveal known property issues. They may include structural defects, flooding or health hazards. Failing to disclose them could lead to a buyer's lawsuit.

To be a binding contract, an agreement must have the following: (1) offer and acceptance, (2) the parties must have a "meeting of the minds" about the agreement's essential terms, (3) there must be valid consideration - in other words, there must be mutual obligations from each party to the other, (4) finally, there ...

Deciding to sell your home without an agent in New Jersey means you won't have to pay the average New Jersey listing commission of 2.63%. This works out to $12,950 on a typical New Jersey home. However, selling your home on your own, also known as selling for sale by owner (FSBO), can be an overwhelming task.

In New Jersey, the elements of a valid contract are: ? An offer (see Offer). An acceptance (see Acceptance). Consideration (see Consideration). Mutual assent and intent to be bound (see Mutual Assent and Intent to be Bound).