Buying a home on the Jersey Shore

What buyer representation actually means

When you work with a NextHome Shore Success agent as a buyer, that agent works for you: advising on price, spotting condition problems, structuring the offer, holding deadlines, and telling you when a house is not worth what is being asked. That relationship, and how your agent is compensated, is documented in a written buyer agency agreement before we start showing homes.

New Jersey also requires that consumers receive a disclosure explaining the different business relationships a licensee can have — seller's agent, buyer's agent, disclosed dual agent and transaction broker. Your agent will review that with you at first meaningful contact.

The New Jersey purchase, step by step

Every deal is different, but a typical Monmouth or Ocean County purchase runs roughly in this order.

1. Buyer consultation

   We map out timing, budget, must-haves, and how the search will run. This is also where buyer representation and how agents are compensated get explained and put in writing.

2. Financing preparation

   You speak with a lender and get pre-approved. In most of Monmouth and Ocean counties a seller will not seriously consider an offer without one.

3. Property search and showings

   You search the live MLS on our property search site and save what you like; we set up showings and give you honest read-outs on condition, pricing and how long something has been sitting.

4. Offer and negotiation

   We build the offer around price, deposit, mortgage contingency, inspection terms and closing date, then negotiate it.

5. Attorney review

   New Jersey's attorney review period begins once the contract is fully signed. Either party's attorney may disapprove and propose changes during this window. The contract becomes binding when review is concluded.

6. Inspections

   Home inspection, and commonly radon, termite, oil tank sweep and — where applicable — well and septic testing. Findings are negotiated within the timeframes in your contract.

7. Appraisal and mortgage commitment

   Your lender orders the appraisal and works toward a written mortgage commitment by the contract deadline.

8. Title, survey and insurance

   Title is searched, a survey may be ordered, and you bind homeowners insurance. Flood insurance may be required depending on the flood zone.

9. Final walkthrough and closing

   You confirm condition, then close. Your attorney and title company handle the settlement.

What is different about buying here

Attorney review

New Jersey contracts written on realtor forms include a three-business-day attorney review period. Buyers and sellers each have their own attorney. Nothing is truly locked until review concludes.

Flood zones and elevation

Along the bay, the rivers and the barrier island, flood zone designation drives insurance cost and sometimes lending requirements. Ask about the flood zone, the elevation certificate and the current policy before you are emotionally committed to a house.

Underground oil tanks

Older homes in this market may have had oil heat. A tank sweep is inexpensive relative to what an undisclosed buried tank can cost, and it is routine here.

Well and septic

Parts of Howell, Jackson, Wall and Manchester are not on public water or sewer. Those properties get their own testing and their own timelines.

Certificate of occupancy and smoke certification

New Jersey requires a smoke alarm, carbon monoxide and fire extinguisher certification before closing, and many municipalities require their own resale certificate of occupancy inspection.

Age-restricted communities

Large parts of Manchester, Whiting, Brick, Toms River and Jackson are age-restricted. Those communities have their own rules and association documents that should be reviewed during attorney review.