As home prices plummet and interest rates remain low, more homebuyers are stepping into the New York and New Jersey real estate markets.  For most people, a home is the largest investment they will ever make, which is why it is crucial they know what they are getting into.

If you are a homebuyer in New York, you will most likely be asked to sign a binder or contract when you want to make an offer on a property.  This binder contains the essential terms of the offer, such as price, deposit, down payment and mortgage amount.  Depending on where the property is located in New York or New Jersey, you might be asked to sign an actual contract that is a state-approved form.

Before you sign any contract or binder, you should have it reviewed by a New York or New Jersey real estate lawyer.  A real estate attorney will be able to make sure that all of the necessary elements are included in the contract and can even help with the negotiation process.

A good New Jersey or New York real estate contract should have a clause that allows a property inspection by a home inspector or engineer.  The home inspector will be able to examine the house, including the roof, plumbing system, electrical system and so on, to determine if any problems exist.

If you are considering purchasing or selling house in New Jersey or New York, you should contact a New York real estate lawyer at Decker, Decker, Dito & Internicola at (718) 979-4300 or (800) 976-4904.