Category Archives: New Jersey Real Estate FAQ

What is a Mortgage and Note?

The Mortgage is a document that places a lien on the property as security for the loan. The Note is a document representing your promise to pay the Mortgage. Both documents will state the premises, the amount of the loan, the interest rate and the monthly payment amount which you can always refer to for future reference.

If you are interested in purchasing or selling a home, or if you have any related questions call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information below and we can contact you directly.

What does the borrower pay at the time of closing?

The borrower can expect to pay closing costs, payment for the home and any escrows. Closing costs are paid at closing, a portion is paid by the borrower and a portion is paid by the seller. These fees include the title fees, survey fees and the attorney’s fees. The buyer’s attorney will bring the down payment to the closing and the closing agent for the bank will bring the lenders check for the balance of the purchase price. Escrows are normally held by the bank to cover the year for real estate taxes and insurance.

If you are interested in purchasing or selling a home, or if you have any related questions call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information below and we can contact you directly.

What happens during a real estate closing?

The purchaser or his lender brings the final payment for the purchase price on the property. The borrower is made to review and sign numerous documents required by the lender in order to secure the loan for the purchase of the property. The deed is then transferred over to the purchaser who is then handed keys to the newly purchased home.

If you are interested in purchasing or selling a home, or if you have any related questions call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information below and we can contact you directly.

What is an escrow?

An escrow is an account usually held by an attorney or third party in a real estate transaction. The escrow is normally used to hold the down payment until the day of closing. This is a good way to make both the seller and buyer feel more secure in the process.

If you are interested in purchasing or selling a home, or if you have any related questions call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information below and we can contact you directly.

What is a real estate closing?

A real estate closing is the process of finalizing the transfer of ownership of real estate property from one party to another in consideration for the payment of a mutually agreed upon sum of money.

If you are interested in purchasing or selling a home, or if you have any related questions call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information below and we can contact you directly.

What are the steps to owning my own home?

Now that you’ve found the home of your dreams, the real estate purchase process begins. At this point, you should consider presenting an offer to the seller. Often this offer is presented to the seller’s real estate agent or broker. In New Jersey if the seller accepts your offer a three day attorney review period begins. At this point, it is advisable that you obtain an attorney who will review and potentially revise the contract, and issue a check to the seller’s attorney for the purposes of making an initial deposit. Once the contract is reviewed and finalized you will be working on obtaining a loan to purchase the property. While that is in the works, the purchasers attorney will obtain and review a copy of the title report from a title company to make sure that there are no unknown liens on the property. Once you receive a commitment and a clear to close from your lender and the title company the closing can be scheduled.

If you are interested in purchasing or selling a home, or if you have any related questions call us today at (973) 500-8024 or (212) 960-8308, or submit your contact information below and we can contact you directly.