Buy a Home or Commercial Property in New Jersey

For homes with one to four units and vacant one-family lots, contracts prepared by real estate licensees include a three-business-day attorney review period. The three days are counted from delivery of the signed contract to the buyer and the seller, and Saturdays, Sundays and legal holidays are not counted. During that window an attorney for either party can review and disapprove the contract; otherwise it becomes legally binding as written.

It depends on your loan program, your lender and the price you pay, so the most reliable numbers come from your lender. After you apply for a mortgage, the lender must give you a Loan Estimate within three business days that shows the estimated interest rate, monthly payment and total closing costs. I help you plan your offer around those figures and build in time for the attorney, inspection and title costs that come with a New Jersey purchase.

Yes. The New Jersey Housing and Mortgage Finance Agency (NJHMFA) offers a First-Time Homebuyer Mortgage Program that can be paired with its Down Payment Assistance Program, available through participating lenders. NJHMFA generally treats you as a first-time buyer if you have not owned a primary residence in the past three years, and income and purchase price limits are set by county. Ask an NJHMFA participating lender whether you qualify before you make an offer.

For deeds submitted for recording on or after July 10, 2025, the former 1% buyer fee on sales over $1 million was replaced by a Graduated Percent Fee that is legally imposed on the seller. The rate is a percentage of the total price, starting at 1% above $1 million and rising to 3.5% above $3.5 million, and it applies to residential, certain farm, Class 4A commercial and cooperative transfers. A contract can still allocate costs between the parties, so review the terms with your attorney.

Under a 2024 New Jersey law, sellers of residential property must complete questions 1 through 108 of the Property Condition Disclosure Statement before you become obligated under the contract. Every seller of real property, residential or not, must also complete the Flood Risk Addendum, which covers FEMA flood zone status and any flooding the seller knows about. Disclosures do not replace your own inspections.

Most buyers schedule a general home inspection, plus any specialist inspections the property calls for. New Jersey licenses home inspectors, and you can verify a license through the Division of Consumer Affairs. Inspection deadlines and what happens if issues are found are set by your contract, which is why we review those dates during attorney review.

Yes. Since August 1, 2024, New Jersey requires a written brokerage services agreement in residential transactions, signed before or as soon as reasonably practical after the brokerage starts working for you. The agreement sets out the business relationship, its term and how the brokerage will be paid, and it must state that compensation is fully negotiable and not set by law.

A buyer’s agent works only for the buyer and owes the buyer duties of care, loyalty, confidentiality and disclosure. A disclosed dual agent represents both buyer and seller with the informed written consent of both, and cannot share either side’s price position without permission. A transaction broker represents neither party and helps both reach an agreement. New Jersey also added designated agency in 2024, and licensees must explain these relationships to you in a Consumer Information Statement.

Property taxes are based on the assessed value of the property in each municipality, so review the current tax bill for any home you are considering. Owners may appeal an assessment to the County Board of Taxation, generally by April 1, or by May 1 in a municipality that has completed a revaluation or reassessment; Burlington, Gloucester and Monmouth Counties follow an alternative calendar. An appeal must show that the assessment is unreasonable compared with market value.

When several buyers are interested, a seller may ask for best offers by a set deadline. The strongest offer is not always the highest price: financing, the size of the deposit, contingencies and timing all matter to a seller. Before we submit, I help you decide your price ceiling and the terms you can offer with confidence, so you compete without overextending.