For most of us, our home is our most important financial asset and probably the single largest investment in a person’s life. For this reason, buying a home can be the most stressful purchase we ever make. Under the best of circumstances, the complexities of New Jersey real estate laws make a real estate closing difficult. However, if your NJ real estate attorney is not readily accessible and on top of your closing, an already stressful situation will become much more so.
Areas of Practice:
Real Estate
Buying A Home
○ How do I obtain title insurance and how is the cost determined?
○ Do I need a survey?
○ How much will my closing costs be?
○ What should I bring to closing?
○ How long will the closing take?
FAQ
FAQ:
Real Estate
For most of us, our home is our most important financial asset and probably the single largest investment in a person’s life. For this reason, buying or selling a home can be one of the most stressful and emotional times of our lives. Under the best of circumstances, the complexities of New Jersey real estate laws make a real estate closing difficult. My goal at The Law Offices Of Laurie H. Pilling is to help you navigate these complexities while easing your stress level and providing you with peace of mind. If you need an experienced real estate attorney I am here for you.
What is the attorney review period after I sign the Contract?
There is a 3-day attorney review period for all real estate contracts that have been prepared by a realtor (contact us before signing a contract that is not realtor prepared). The 3-day period begins to run after both Buyer and Seller have signed the Contract and it does not include holidays or weekends. Your Monmouth County real estate attorney will send a letter called a “Notice of Disapproval” in order to request modifications to the Contract. Once the Buyer and Seller agree upon the modifications, usually by signing an addendum to the Contract, the attorney review period is concluded.
What does a mortgage or home inspection contingency mean?
A contingency means that the contract is dependent upon something happening. In NJ real estate contracts are usually contingent upon Buyer obtaining a mortgage. Most buyers will require a mortgage. A contract will usually give the buyer 30-60 days to obtain that mortgage (a mortgage commitment). In the event the buyer cannot obtain that mortgage commitment he/she can cancel the contract. Buyer also has the opportunity to have the home inspected with 10-14 days after attorney review has concluded. Buyer can ask Seller to make repairs or ask for a credit for the inspection issues. If an agreement cannot be reached the Contract can be cancelled.
What is title insurance?
Title insurance protects you, as the new homeowner, from past events (fraud, missing heirs, forgery), which can affect your interest in your new home. Title insurance guarantees that you will be able to convey the property to another without defects.
What is a survey?
A survey is a map of the property that shows its legal boundaries and shows the location of visible improvements on the property. The survey will also show any encroachments on your property or on those of your neighbor’s property.
Can I estimate my closing costs?
As a Buyer, your closing costs include lender’s fees, legal fees, recording costs, title search and title insurance, your share of the real estate taxes, water and sewer. Your lender will provide you with a good faith estimate of your closing costs. Your attorney will give you the amount of money you need to bring to closing.
As a Seller you have 3 main costs: realty transfer fee (see #6), commission and legal fee.
What is the real estate transfer tax?
Sellers are required to pay a tax when they sell their home. This tax is based upon the sales price.
Do I have to attend the closing when I sell my home?
A Seller can sign documents with their attorney prior to closing and not be physically present at the closing. You can discuss this with your attorney.
If you have any other questions, please contact me.