​​​​J. GRAHAM REALTY, LLC

J. Graham Realty, LLC

Licensed Real Estate Agency In NJ & Florida

INSPECTION CONTINGENCY PERIOD

  • Begins immediately after attorney review period is over.
  • Typically, the Buyer has up to 10 days from date out of attorney review to get all the house inspections and tests done (general; radon; oil tank search; termite, septic); receive the reports; and get back to the seller with any requested credits or repairs. 
  • Once the Buyer receives all the inspection reports and/or tests, they then contact their attorney to determine what items need to be repaired and/or request credits. Their buyer's attorney then sends the requests to the seller's attorney. The seller either accepts the demands, offers a credit, counters, or refuses to do any of the repairs.
  • If both sides come to terms and the seller agrees to fix some items, the owner will schedule the vendor to make the repairs.
  • Upon completion of any repair work done by the owner, the owner must provide the paperwork or proof of repairs made by a qualified, licensed professional.
  • In order to verify the repair work has been completed, the buyer's agent will set up a walk though of the house 4 days prior to the close date.

MORTGAGE CONTINGENCY PERIOD

  • Begins immediately after attorney review period is completed, and while the house inspection period is occurring. This period can take up to 45 days to complete.
  • Buyer applies for a loan within 10 days after the attorney review period is completed. The bank or mortgage company will require an appraisal. So the listing agent needs to notify the seller of the date and time of appraisal.
  • Once the appraisal has been performed, the report is sent to the Bank. At that point, both parties wait for the Bank to issue the loan approval. If approved by the Bank, a close date is scheduled.

SELLER UNDER CONTRACT PROCESS

4 Perry Street
Morristown, NJ 07960
(o) 973.540.1232
(f) 973.540.0008

​When the attorney review period is over, the property is now under contract.

The buyer schedules the house inspections and if applicable, applies for a mortgage.