The Buyer of a Home Should Be Aware of Some Important Facts:
Owning your own home is a very exciting and important part of a person’s life, yet at the same time, the transaction of buying your own home can be confusing. And because the transaction of purchasing your own home in New Jersey can be very complicated, our office would like to provide you with some important tips and make you aware of some problems that may arise when buying real estate in New Jersey:
You may not be able to determine personally beforehand whether the property has any serious physical defects, like water conditions, structural problems, inadequate electrical wiring, termite infestation, or radon contamination.
All important details of the transaction may not be included in the Contract of Sale. Also, even if you verbally agreed upon an item, if it is left out of the contract, it is unenforceable.
You may be unaware of certain deed or zoning restrictions that may prevent you from using the property the way you intended to.
The description or survey of the property may be incorrect, inadequate or outdated. And you may therefore, be acquiring less property than you might be paying for.
The seller’s title to the property may be burdened with mortgages, easements, unpaid taxes, liens and other items.
Missing heirs, forgers, invalid divorces, irregular foreclosures and other unexpected complications, can leave the legal ownership of the property you are purchasing unclear even if the deed appears to transfer title.
The Contract of Sale:
A contract of sale is an agreement for the purchase and sale of real estate. This is the most important piece of paper in the real estate transaction because it sets the rights and responsibilities of the parties involved in the transaction. It is the piece of paper that will outline what the buyer is buying and the selling is selling.
It is essential that a buyer be aware that parties to a contract of sale prepared by a licensed real estate broker (a Brokers Contract of Sale) have three (3) business days to have the contract reviewed by an attorney.The attorney may then review the contract and make certain changes to amend the contract or even cancel it on behalf of their client. Once the three days have elapsed without an attorney review or proposed changes, the contract will be binding on the parties as is.
Therefore, for your own protection it is advisable that you consult this office within three (3) business days of signing a Brokers Real estate contract of Sale so that we may carefully review the contract and make necessary amendments in order to preserve and protect your rights.
This office is available to help you in numerous ways:
Prepare, review and explain the contract of sale on the home you are buying.
Answer questions regarding termite, structural and radon inspections performed by inspection companies. (Please note that these inspections scheduled by you with qualified inspection companies.)
Assist you with your mortgage commitment and explain your mortgage terms and prepayment rights.
Order and review title searches and surveys that will define and describe the property you are purchasing and your legal ownership of the property.
Review and assist in settling any title problems that may arise.
Our Services at the Closing Table and Beyond:
Structure the transfer of ownership and help guide you through the steps of the purchase of your new home.
Prepare and review the final closing statement and other closing related documents.
Determine the adjustments for taxes and other costs apportioned to each party.
Represent you and your interests at the closing to ensure your rights are preserved. The closing is a meeting between the buyer, the seller and their respective attorneys wherein the transfer of title to the property takes place. This is the time and place where the deed and affidavit of title are signed by the seller and where the mortgage and note are signed by the buyer. In addition, the balance of the sales price is handed over to the seller.
Record the deed and mortgage and cancel any existing mortgages on the property.