In New Jersey, you have the right to retain legal counsel to represent you in a real estate transaction. The purpose of a Real Estate Closing Lawyer in New Jersey is to provide protection for the client (be it the seller or purchaser) in making certain the property is transferred free of any potential issues.
What Can a Real Estate Lawyer Do for Me?
In New Jersey, a lawyer may prepare a standard residential real estate contract, thereby eschewing the need to retain separate professional assistance in preparing a contract. This saves the client both time and money.
Once you enter into a contract for sale, your attorney has three days to review the contract, and either cancel it or make necessary changes. Functionally, upon sending a disapproval letter, the contract is terminated – through changes may be made, and the contract may be reinstated subject to these amendments.
Assuming the contract survives this review, any necessary contingencies must be met. These typically assume the form of either a mortgage contingency or home inspection contingency. A mortgage contingency simply means that the contract is pending the purchasers securing a mortgage in an agreed-upon amount of time. A home inspection contingency involves the inspection of the physical and mechanical properties of the real estate, ensuring it is in acceptable condition.
Finally, you will need to acquire municipal certifications, retain a title insurance company, and have a survey of the property. These additional steps in the process are all necessary and can be discussed with and handled by real estate closing counsel.
As you can see, the process is fairly complicated and requires a number of steps to fully satisfy both the legal and practical necessities of closing. Closing may be effectuated only upon satisfactory completion, at which point the two parties will meet at an agreed-upon time and place to exchange appropriate documentation, and finally transfer the deed.
The Law Offices of Greg Prosmushkin P.C. can assist you throughout this process. We will make sure you are legally covered; that all the i’s are dotted and t’s crossed so that you can move into your new home without complication or delay. Contact today to get a free consultation!