Purchasing a property is usually the single most expensive investment a person will make in their lifetime. To that extent, New Jersey law allows Buyers and Sellers of real property three (3) business days to commence what is called the “attorney review period” in order to revise the documents (Contract of Sale) to their mutual satisfaction.
As such, it is critical each party (Buyer(s) and Seller(s)) immediately consult with an attorney upon their Offer (or signed Contract) being accepted by the other party.
Our Attorneys will immediately consult with our clients, either Buyer(s) or Seller(s), advising him or her of their legal rights with respect to the Contract. Following the “Attorney Review Period,” the Contract becomes binding on both parties. Any subsequent violation of the Contract by either party may be a “breach of contract.”
Therefore, our attorneys will modify, omit, or add provisions to the Contract of Sale during the “Attorney Review Period” to accurately reflect the terms agreed to by the parties and to properly and adequately protect our client.
Upon completion of the “Attorney Review Period,” the Buyer(s) responsibilities include having the appropriate Home Inspections performed upon the property. Home Inspections also include additional services such as an Oil Tank Sweep, Radon Testing and Termite inspection. Usually, the Buyer(s) inspector will prepare a Report detailing any physical and/or environmental defects present in the property.
The “Home Inspection Period” is similar to the “Attorney Review Period” in that the attorneys for both Buyer(s) and Seller(s) will attempt to reach a satisfactory resolution with regard to any issues raised in the report and of concern to the Buyer(s). Throughout this entire process, our office keeps our client advised of any progress in the negotiations and diligently protects our client’s interests in the process.
Following the “Home Inspection Period,” Buyer(s) responsibilities include obtaining a Mortgage Commitment from their Lender within the time period set forth in the Contract and meeting any conditions required by their Lender such as providing Tax Returns, Paystubs, Verification of Employment and obtaining Homeowner’s Insurance.Upon Buyer(s) obtaining a Mortgage Commitment letter from their Lender, Buyer(s) attorney is responsible for ordering the Title Search and Survey. The Title Search is necessary to assure that the Seller of real estate is able to transfer all legal and equitable ownership interest in the property to the Buyer(s). The Title Search also identifies those who have claims (e.g. taxes, mortgage and judgments) against any current or past owners of the property. These claims must be satisfied and cleared from the public record in order for the Buyer(s) to obtain clear or “marketable” title to the property that can be readily transferred in the future. Moreover, the Title Search and Title Insurance and Survey “are” typically required by Buyer(s) Lender.
Our attorneys will review the title search, explain the results and pursue the satisfaction of claims or exceptions in anticipation of closing.
When representing a Seller, our attorneys will also prepare the Deed, Affidavit of Title, Seller’s Residency Certification, 1099 and Affidavit of Consideration, if appropriate, which is reviewed by both the Buyer(s) attorney and Title Agency. You can get the solutions related to real estate laws in New Jersey, real estate transactions law in New Jersey, real estate transactions law USA.
Lastly, the Closing takes place when all of the above has been completed and the Buyer(s) Lender is ready to wire the necessary funds (money) for closing. At closing, Seller(s) provide the Deed, Affidavit of Title and any other title transfer documents along with the “keys” to the property. Buyer(s) must sign the Mortgage documents prepared by Buyer(s) Lender and Buyer(s) further bring a check or wire any funds necessary to complete the amount necessary for the transaction as reflected on the “HUD” or “Closing Statement.” This document outlines and accounts for all of the money involved in the real estate transaction. It will clearly reflect and account for the monies which were used for the payment of taxes, existing mortgages, real estate commissions, realty transfer fees, recording fees, title insurance fees, survey, repair credits, sewer bills, and Lender’s closing costs.
In other words, real estate transactions are completely transparent and every penny used in the transaction will be accounted for in the “HUD” or “Closing Statement.”
CONTRACT OF SALE => ATTORNEY REVIEW PERIOD => HOME INSPECTION PERIOD => MORTGAGE COMMITMENT TITLE SEARCH / SURVEY => CLOSING
Our office is dedicated to providing attentive and professional legal services for a relatively inexpensive flat fee which is paid at closing. We encourage our prospective clients to contact our office for a price quote and compare our prices with our competitors. Not only are our prices more affordable then our competitors, our quality of service and development of a professional relationship with our attorneys is unparallel.
We provide personal attention to you without delegation to an associate or colleague so that we become knowledgeable about your particular circumstances. We further work hard to ensure you receive value, which is the best guarantee of your continued patronage.
If you have any questions or would like to further inquire as to our legal fee for representing either Buyer or Seller, please feel free to contact our following number: 908-962-7520