Why Hire A New Jersey Lawyer For Your Real Estate Transaction?
Every year, there are tens of thousands of people in New Jersey who attempt to navigate or even circumvent the legal system without any help from a lawyer or an attorney. Usually, they do this because they are of the opinion that hiring a law firm will be a great expense. Most overestimate the cost based on the cost of the transaction or purchase itself. However, the complicated landscape of buying or selling a residential property should rarely be done without the guidance and advice of a lawyer. Lawyers can assist you not only through the negotiation stage but can also save you from difficult lawsuits by finding and solving issues early thereby saving unnecessary drama and costs expended in the future.
The guidance of an experienced real estate lawyer is vitally important to protect your interests when closing the title of any real estate transaction, whether you are the buyer or the seller. Real estate closings are complex and an attorney can help you to ensure that all the legal steps are properly addressed and handled appropriately. Here are some reasons for hiring a real estate attorney when you first step into a transaction and close your deal.
- Negotiate Terms – price, dates, inspections
- Ensure Protection – review for mistakes through the entire process, start to finish
- Look For Issues/Problems – liens, searches, coverages
- Proper Cancelation – if necessary
Frequently Asked Questions Regarding Real Estate Sales In New Jersey
Buying or selling a home involves a substantial change of circumstances for both the buyer and seller. Properly following the legal steps in a New Jersey real estate transaction is critical. It is prudent to seek the guidance and knowledge of a skilled New Jersey real estate lawyer to help ensure that the entire process is conducted properly. A lawyer will help guide you from contract to closing. We have provided answers to questions that are fairly common regarding the sale of residential property. You likely have additional questions and we invite you to call us at 856-804-1765 or reach out to us online to arrange a consultation and obtain answers to your specific question.
What Must Sellers Disclosure To Buyers In A Residential Real Estate Transaction?
Sellers of residential real estate in New Jersey are in the best position to know the property. The law generally requires sellers to disclose known problems with the property, as well as any known defects to the premises that may adversely affect the value of the property. Concealing major defects on the property is illegal in any real estate transaction. Sellers are required to complete and provide the buyer a report that is known as the Seller’s Property Disclosure Document.
What Is The Contract Of Sale?
The contract of sale memorializes the conclusions of the negotiations between the parties and spells out the rights and obligations of the parties. These contracts are legal documents; only an attorney can advise you about the legal aspects and ramifications of the real estate contract of sale. Often, real estate professionals prepare these contracts (using fairly standard forms). Each New Jersey contract of sale for real estate will allow for the opportunity for attorney review.
Are Home Inspections Part Of A New Jersey Residential Real Estate Transaction?
Purchasing a home is a major investment. Some buyers seem to rely on the disclosure requirements in a real estate transaction to inform their home buying decisions. However, it may be prudent to seek a structural home inspection to help protect against future surprises. Some defects may fall through the cracks.
A home inspection will allow you to learn more about possible maintenance issues that may be needed, or recommended, allowing you to make more informed decisions about your investment. Buyers may include specific provisions in your inspection, such as issues related to termites, lead paint, radon, and a panoply of issues. These inspections are generally at the buyer’s expense, and must be completed promptly (generally limited to a 14-day timeframe). If a home inspection reveals defects, your real estate lawyer can help you to resolve outstanding issues. Remedies may include a credit at the closing to cover your future repairs, or requiring the seller to remediate or repair the issues uncovered in the home inspection.
What About Real Estate Property Taxes?
Property Taxes in New Jersey are paid quarterly and are due on the first day of the middle month of the quarter (February, May, August and November). The same is allocated at the time of closing between the Buyer and Seller. The new Buyer will usually pay the taxes for the upcoming quarter at the time of the closing of title.