From Accepted Offer to Closing in New Jersey: What Sellers Hear, and When
Published | Posted by Dennis Mark Interdonato
- Home Marketing
- Closing
- Attorney Review
- Home Selling
After you accept an offer in New Jersey, the contract goes through attorney review, then the buyer's inspections, the appraisal and mortgage commitment if the buyer is financing, your town's certificates, a final walk-through and closing. On my listings, you hear about each of those steps before it happens, in a branded email that tells you what's done, what's next and what to expect.
I'm Dennis Mark Interdonato with The Dennis Mark Group at Keller Williams Realty Ocean Living. Here's the general order of a New Jersey sale after the offer, and how my team keeps you informed through it. Every contract and every town is a little different, so treat this as the general picture, not the exact path of your sale. If you have hired an attorney, they handle the legal side. How closings run varies across New Jersey, so ask early who handles yours.
What happens right after you accept an offer?
Once you and the buyer sign, New Jersey's attorney review period starts. When a real estate licensee prepares the contract for a home with one to four units, N.J.A.C. 11:5-6.2 gives the buyer's and the seller's attorneys three days to review it. The three days are counted from the date the signed contract is delivered to the buyer and the seller, and Saturdays, Sundays and legal holidays don't count.
During that window, either attorney can disapprove the contract. If neither one does, the contract becomes legally binding at the end of the three days. The buyer and seller can also agree in writing to extend the period. In practice, this is often when the attorneys work through any changes to the contract, so have yours lined up before the first offer arrives.
What happens during the buyer's inspections?
The contract usually gives the buyer a set amount of time to have the home inspected. The buyer's inspector looks at the structure, the roof, the systems and more, and any requests that come out of it are worked out under the terms of your contract, with your attorney.
The best time to prepare for the inspection is before the home lists. I spent years building and remodeling New Jersey homes, so I can walk the house with you the way an inspector will and point out what's likely to come up. Then you decide what to take care of ahead of time and what to disclose.
What about the appraisal?
If the buyer is financing, the lender will usually order an appraisal. The Consumer Financial Protection Bureau describes it as a written document that shows an opinion of how much a property is worth, and an independent assessment of its value.
If the appraisal comes in below the contract price, the CFPB notes that the buyer can often use the lower value to negotiate a lower price. What happens next depends on your contract, so that's a conversation with your attorney. A list price built on real recent sales, like the one in my market evaluation, is the best protection I know.
What is a mortgage commitment?
It's the lender's written promise to make the buyer's loan. New Jersey's banking rules, as restated by the Department of Banking and Insurance, define a commitment as a signed statement issued by a lender promising a loan of specified terms to a specified borrower, based on a satisfactory review of the appraisal and the credit report where they're required.
Contracts with a financing contingency usually set a date for the buyer to get that commitment. It's one of the milestones you'll hear about, because it tells you the buyer's financing is on track.
Which town certificates do you need before closing?
Under the state fire code rule, N.J.A.C. 5:70-2.3, before a one- or two-family home or an attached single-family home is sold, the owner has to get a certificate showing the smoke alarms, carbon monoxide alarms and a portable fire extinguisher comply. It comes from the local enforcing agency, usually through your town. According to the New Jersey Department of Community Affairs, the smoke alarm certificate is valid for six months from the date it's issued, so we time it to the closing.
Some towns also have their own resale inspection or certificate of occupancy rules, and the requirements and timing are set locally. It pays to check with your town early, before anything can hold up the closing date.
What happens at the final walk-through and closing?
Shortly before closing, the buyer walks through the home. The CFPB tells buyers to do it before they sign any papers and to make sure the repairs you agreed to are done and anything you agreed to leave in the home is still there.
If the buyer is financing, the lender has to give the buyer the Closing Disclosure at least three business days before closing, according to the CFPB, so the closing date is planned around that. At closing, the papers are signed, the funds move and the keys change hands. Your attorney, if you have one, handles the documents on your side.
One warning that applies to sellers as much as buyers: the CFPB warns that scammers send emails with last-minute changes to wiring instructions. Confirm any payment details by phone with your attorney, using a number you already have.
How do you stay informed from offer to closing?
On my listings, sellers get milestone emails every step of the way. They're branded in our company colors and images, and each one goes out before the next step happens, telling you what's been done, what's about to happen and what to expect. You're never waiting to find out where things stand.
Behind those emails, my transaction coordinator keeps the contract and compliance documents in order, tracks the important dates and keeps me updated on every one, so I can respond right away. You still talk to me whenever you want. The emails mean you rarely have to ask.
What should you have ready at each stage?
- Before the first offer: your attorney's contact information, and the paperwork for your home. See what paperwork you need to sell a home in New Jersey.
- Before the inspection and appraisal: access to every area of the home, including the attic, basement and electrical panel, with the utilities on.
- Before the town inspection: working smoke and carbon monoxide alarms and a portable fire extinguisher, checked against your town's checklist.
- Before the walk-through: agreed repairs finished, with receipts, and everything that stays with the home still in place.
- Before closing: your attorney's confirmed phone number for any payment questions.
If you're still at the offer stage, read how multiple offers work. If you haven't listed yet, start with a number from the home valuation tool and see how selling with The Dennis Mark Group works.
Frequently Asked Questions
How long is attorney review in New Jersey?
Three days, counted from delivery of the signed contract to the buyer and the seller, not counting Saturdays, Sundays or legal holidays (N.J.A.C. 11:5-6.2). The parties can agree in writing to extend it.
Who handles the legal side of my sale?
Your attorney, if you have hired one. How closings run varies across New Jersey, so ask early who handles yours. I handle the marketing, the negotiation of the offer and keeping the sale on schedule, and my team keeps you informed at every step.
What if the appraisal comes in low?
According to the CFPB, the buyer can often use a lower appraisal to negotiate the price. What happens next depends on your contract, so talk with your attorney.
Do I need a smoke alarm certificate to sell a condo?
The state rule covers one- and two-family homes and attached single-family homes. For other types of homes, check with your town's fire official.
This is general information, not legal, tax or lending advice. If you have hired an attorney, they handle the legal side of your sale.
About the author
Dennis Mark Interdonato is a REALTOR® and Master CDRE® who leads The Dennis Mark Group at Keller Williams Realty Ocean Living in Point Pleasant, NJ, helping buyers and sellers throughout New Jersey make their next move, with Monmouth and Ocean County as home base. Read more about Dennis Mark.
