Having a competent real estate attorney by your side is crucial as we passionately advocate to safeguard your interests throughout the transaction. From contract to closing and everything in between, we will guide you through every step of the way. I personally speak to my clients multiple times a day (and night if needed), helping with all the legalities of the contract and also providing emotional support as purchasing or selling a home can be a very stressful experience.

We recommend planning for a minimum of 2 hours. However, if funding approval is not involved, the process can often be completed in about an hour. 

Absolutely! A walkthrough allows you (as a buyer) to make sure that the property is in the condition that it was in at the time of inspection and that nothing has changed since then. It is also an opportunity for the buyer to check for any last-minute issues that may need to be addressed before closing, including checking on the agreed repairs. However, please consider that a walkthrough is a quick sweep of the property and not a second inspection. 

“Cash to close” is the amount you must bring to the closing. The funds must be paid either by wire transfer or a certified check made out to the title company or settlement agent, who will then pay everyone.  

While the parties are negotiating inspection, the seller may offer credit instead of repairs. However, the seller will not hand you a check for the agreed amount. The credit will be adjusted as a reduction in your closing cost. Overall, this is still a win because there will still be more cash in your pocket. However, please note that the value of the credit cannot exceed your closing cost.

A seller may request to remain in the property (rent back) for a certain time period after the closing. You should consider the following aspects in such a situation:

1. Are you now a landlord and tenant?
This is NOT a landlord-tenant situation. Sellers in New Jersey do not have the same rights as tenants. They become a licensee i.e. someone who has the right to use the property for a certain purpose.

2. Setting the rental amount.
The purpose of such an agreement is not to make a profit. We usually set the rental amount as the buyer’s “carrying costs”, which may include mortgage, taxes, and insurance.

3. What happens if the seller refuses to leave?
We always put a high per diem penalty in the agreement to protect buyers in the event the seller decides not to leave. We also obtain the seller’s consent to a “warrant of eviction”, which buyers can use to have the seller removed from the property.

An appraisal in a New Jersey residential purchase is an evaluation of the property’s value conducted by a licensed appraiser to determine its market value. Most lenders require an appraisal to ensure that the property’s value is sufficient to secure the loan. It involves a thorough inspection of the property including its size, condition, location, and other factors, which could impact its value. The appraiser will compare the property to other similar homes that have been recently sold in the area to determine its accurate market value.

It protects buyers and their lenders from financial losses that may result from the defects in the property title. It covers matters such as unpaid taxes, liens, and claims on the property that may affect the buyer’s ownership.

It is applied to high-value properties that exceed a certain amount in value. The state of New Jersey applies mansion tax to properties valued over $1 million and the purchasers must pay an additional 1% of the purchase price at the closing.