Found the house of your dreams? Considering that your home is the single biggest investment you will ever make, it is imperative to hire an experienced New Jersey real estate attorney when buying or selling your home. Although a real estate closing may seem like a simple routine transaction, they are often highly complex matters outside of the scope of a non-professional’s knowledge. The professionals at Friscia & Associates LLC of Newark NJ will work with you to help prevent your purchase of the home of your dreams from turning into a nightmare. We strive to make your home purchase a hassle-free process so that you can enjoy this important step in your life.
Work With An Experienced New Jersey Real Estate Attorney
Our staff has a sophisticated understanding of the New Jersey closing process, beginning with the initial contract signing and ending with the closing. By involving our professionals in the process at the very beginning, our clients are best served as these early steps provide the framework for everything that follows. We have the experience and resources to make sure that your dreams of owning a home are fulfilled.
Here is an overview of some of the functions of a real estate attorney in the New Jersey closing process.
Preparing and Reviewing Closing Documents
A residential New Jersey real estate closing involves signing many documents, including but not limited to:
- HUD-1 Settlement Statement
- Truth-in-Lending statement
- Abstract of Title
- Title Insurance Policy
- Name Affidavits
- Warranty Deed
- Proration Agreements
- Tax and Utility Receipts
- Acknowledgment of Reports
- Mortgage Lien
- Monthly payment letter
A New Jersey real estate attorney can review, prepare, and explain all necessary documents related to your closing.
Coordinating with Real Estate Professionals
A residential real estate closing involves numerous parties, including:
- The buyer
- The seller
- Their attorneys
- Real estate brokers
- Home inspectors
- Title agencies
- Homeowners’ associations
Coordinating with all of these different parties can be difficult. It is important that your attorney is able to communicate effectively with all of these people to ensure that your closing moves quickly and smoothly.
Attorney Review in New Jersey
The attorney review is an important part of the closing process. During this 72-hour period, the buyer and seller can mutually agree to change the contract, or either party can withdraw from the deal without penalty. The objective of the attorney review is to make sure that the contract covers everything the buyer and seller require for that specific property. During the attorney review, your attorney will have many responsibilities, including but not limited to:
- Reviewing or negotiating the contract, making sure it is complete and legally sound.
- Ensuring that all necessary inspections are requested in the contract, such as:
- General home inspection
- Lead paint inspection
- Asbestos inspection
- Termite inspection
- Identifying any additional documents the buyer might need, such as:
- A certificate of occupancy
- Flood search
- Buried oil tanks
- Well testing
- Smoke detector certification
A New Jersey real estate closing is traditionally one meeting between the buyer and seller during which all documents are signed and the buyer pays the balance of the purchase price and becomes the official owner of the property. Prior to the closing, the attorney must perform two important functions:
- The Title Search. The attorney will run a title search to confirm that no issues (such as liens) affect the property and that the seller is legally allowed to sell the property.
- The Final Walkthrough. A final walkthrough of the property is conducted to make sure that no conditions have changed since the closing process began, and any agreed-upon repairs have been completed to both parties’ satisfaction.
Other Responsibilities of an NJ Real Estate Attorney
During the course of a real estate closing, issues can arise that can be hard to predict. A real estate attorney can assist you with unexpected issues such as:
- Dealing with a problem with the property.
- Legally breaking the deal if necessary.
- Checking whether part of the property is owned by a neighbor.
- Checking the legality of future additions to the property.
- The seller attempting to break the deal under suspicious circumstances.
- An issue with the property that occurs after the closing but should have been addressed previously.
Buying or selling a house is too important to leave to chance. It is important to hire an experienced New Jersey real estate attorney to ensure the process runs smoothly. At the Law Offices of Friscia & Associates LLC, we pride ourselves on our ability to act promptly and communicate with all of the parties necessary to bring your matter to a successful and expedient closing. We believe that our responsiveness sets us apart from many other firms that handle real estate transactions and will help put your mind at ease during this process.
NJ Real Estate FAQ
- What is a Mortgage and Note?
- What does the borrower pay at the time of closing?
- What happens during a real estate closing?
- What is an escrow?
- What is a real estate closing?
- What are the steps to owning my own home?