Q: We are selling a home in New Jersey. We received a contract offer on the house that was not signed by the buyer.
We altered some language benefitting the realtors in the contract and signed it. But it has been several days and we still do not have a signed contract from the buyer. Is this a valid offer. If I send this to my attorney, I must pay a minimum of $750 for him to review the contract. I am wary about committing to that expense without a signed contract offer from the buyer.
A:
There is no valid contract until both parties sign. Further, in New Jersey, most buyers' attorneys will cancel the contract under the attorney review provisions, and then offer proposed amendments (which is basically what you did).
The better answer would have been for you to have your attorney review the contract. He/she could have proposed the same changes at that time.
I might add that $750 seems awful high just to review a contract.)
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