New York - Manhattan

New Jersey

Disclosure requirements (types of real estate agents)

- Seller's Agent
- Broker's Agent
- Buyer's Agent
- Dual Agent

Most brokers work
for the Seller 

- Seller's Agent
- Dual Agent
- Buyer's Agent
- Transaction Broker

Most brokers work as a Seller's Agent or a Dual Agent

Mortgage Pre-approval

Recommended
Before viewing property

Recommended
Before viewing property

Cooperation between real estate brokers

Property is available primarily from the listing brokers
 

Broker cooperation is limited. Brokers cover limited areas/properties

Buyers  must evaluate the market in small fragments, on almost a broker-by-broker basis which makes searching all available properties in Manhattan almost impossible

Listed property is available in several local Multiple Listing Systems to all participating realtors - In most cases, Broker cooperation is required

Oral Offers

Not recommended
 Used frequently

Not recommended
or binding
Not frequently used

Offer Binders (not a full contract)

1st Step in offer process
Used frequently

Not frequently used

Contract Format - Re-sales

Normally prepared by Seller's Attorney from basics of an accepted Offer Binder

New Jersey Association of Realtors Standard Form of Purchase Offer required for
listed property

Contract Format - New Construction

Prepared by
Seller's Attorney

Prepared by
Seller's Attorney

Attorney Review

Not Required

Required
3 Business Days

Initial Deposit/ Earnest Money

None Required

Due at time of
Contract Signing

Down payment

Generally 5% to 10% of Total Purchase Price

Approx. 50%
Due at Contract signing

Generally 5% to 10% of Total Purchase Price

Approx. 50%
Due 10 to 15 days after Attorney Review is completed

Property Inspection takes place

Before the
 contract is agreed

After the
contract is agreed
and Attorney Review is over

Inspection items negotiated

Before the contract is agreed

After the
contract is agreed

Property Condition Disclosure

Required on most sales
Prepared By Seller

Optional
Prepared By Seller

Mortgage

Use a New York
licensed lender

Use a New Jersey licensed lender

Property Taxes

Important consideration in evaluating monthly payments.  Vary widely.

Important consideration in evaluating monthly payments.  Vary widely.

Closing

At office of
Seller's Attorney

At office of
Buyer's Attorney