Advantages of Using a NJ Real Estate Attorney

What to consider when buying NJ Real Estate

Hiring a Real Estate attorney, although sometimes costly, can prove to be a valuable asset to any NJ Real Estate purchase. While many buyers and sellers are not aware, New Jersey law requires a three day review period for signed Real Estate contracts between buyer, seller and Realtor prior to there being a legally binding agreement.

Although not a requirement, a NJ Real Estate attorney can assist in contract review, make revisions and advise clients in their best interest. Only an experienced, competent professional familiar with these documents can uncover any mistakes or potential setbacks and save you future expenses to correct them.

The following is a list of how using an attorney specializing in residential Real Estate can be beneficial to any NJ Real Estate transaction:

  • When it comes to contract negotiations, terms and conditions must be properly documented to have an agreement that is recognized and legally binding. Generally, buyers and sellers have the choice to negotiate on their own behalf in a NJ Real Estate transaction. Utilizing the services of an attorney can ensure all laws are followed in the correct manner in conjunction with the state along with additional concerns that may affect the property. Most times before you sign, an attorney will review your purchase contract. This is especially beneficial for first-time home buyers.
  • A NJ Real Estate attorney will review and revise (if needed) important documents such as the deed, legal descriptions, bills of sale for personal property such as appliances, mortgage loan documents, survey plats, title and title insurance policies. He or she will also perform a title search, an important service to ensure the property under contract is clear of any liens or judgments.
  • An attorney will correspond with the seller’s attorney, mortgage loan officers and NJ Real Estate agents to make sure that dates are set for important factors such as home inspections and mortgage commitments.

 

In conclusion, the services provided by a NJ Real Estate attorney are as follows:

 

For buyers, attorneys:

  • Review and negotiate contracts and their specific terms
  • Assist in the assessment of mortgage options and clarify loan terms
  • Examine all legal documents, such as a mortgage, title policy, deed, survey and closing statement
  • Attend the closing and ascertain the conveyance of clear title
  • Provide future legal counsel in the event of property issues

For sellers, attorneys:

  • Review and negotiate contracts and their specific terms
  • Request items necessary for closing such as mortgage payoff letters, property surveys and title
  • Prepare all closing documents and arrange for the closing
  • Attend the closing and ascertain the conveyance of clear title
  • Provide future legal counsel in the event of property issues