Buying or selling a home is a big decision and there are so many things to consider on either end of the spectrum. There are many legal processes behind the scenes that many homebuyers and sellers are not aware of until they are faced with them. The best thing to do is once you decide to buy or sell is to hire an attorney who is familiar with NJ real estate law.
We have compiled a list of 10 things you should know about real estate law in NJ.
Retain an Attorney
As we mentioned already, NJ real estate law can be difficult to navigate, especially for a first-time home buyer or seller. You may not realize you need an attorney until it’s too late.
A real estate attorney can keep you informed of concerns that could leave you in negative situations if not addressed.
At Dezao Law, we can assist you with negotiations concerning lenders and banks. We can also assist with budgeting. We will look over contacts to protect your interests.
2. Do Not Use Online Resources
In order to save money, many homebuyers or sellers will try to find information online in lieu of using an attorney. Although the internet is a great place to find information and do research it does not replace legal advice from an attorney.
3. The Three-Day Attorney Review
When you sign your contract there is a three-day period in which your attorney can review the contract and ensure that everything is in your best interest. They can also reject it if there are things that do not benefit you. Although there is a three-day period, it can span over a week or be as quick as one day depending on the circumstance.
4. Get Contingencies in Writing
There are various contingencies that can be placed in a contract. This can be a home inspection, the buyer getting a mortgage, or the title is cleared. NJ real estate law has ways to protect both buyers and sellers but it is important to know what they are and how they apply to you.
5. Protected Wetlands
Do your research because if your property is on a protected wetland your entire sale can be put to a halt.
6. Purchasers Property Survey
A property survey is a crucial part of the buying and selling process. It not only clarifies property lines but also driveways.
You cannot rely on the existing property survey because depending on the date it may not be current. Under NJ real estate law you have the right to seek your own property survey.
7. Oil Tank Inspection
Most homes do not have oil tanks and in other cases, the current homeowners are not aware that there is one on property. An attorney can ensure the status of the oil tank so your home buying experience doesn’t turn into a nightmare.
8. Home Inspection
Inspections are important in all aspects of the home buying process. Have an inspector check the entire property.
9. Title Insurance
There will be various types of insurance you will have to decide on throughout your life and title insurance is one of those.
Make sure you make the right choice when it comes to insurance. This will involve reviewing policies before making a final decision.
Call Dezao Law For Their Expertise in NJ Real Estate Laws
You might think you know everything about NJ real estate law, but you should consider getting advice from a professional. Make sure when you get to closing you are aware of what each person involved is in charge of with the right attorney.