Residential & Commercial Property
Sales and Purchases
Simon Law Group represents both buyers and sellers of homes, condominiums and commercial properties and has a dedicated real estate department. The purchase or sale of our client’s home is a matter of extreme importance. It is our role to protect our clients from start to finish in each transaction.
Once a Contract has been signed by both parties, we will negotiate the terms in the best interests of our clients. We then negotiate any home inspection issues that may arise. We continue to represent our clients until a successful conclusion and handle each and every issue that may come up throughout the process. We carefully monitor the strict time limits within Contracts such as the obtainment of mortgages and make certain that appropriate payoffs are obtained, as well as necessary certificates from local townships.
Having a contract of sale does not guarantee you will sell your home. There are multiple factors that could halt the process. It is important to have an accomplished Real Estate Attorney to facilitate through those hurdles to ensure you reach closing. Communications is key in any real estate matter. Simon Law Group prides itself on exceptional communication between the client and the real estate department.
The Process of Buying & Selling Property
Buying or selling a house is the most important financial decision most individuals make. In the ideal case scenario, a buyer and seller work together cooperatively. However, numerous issues may emerge and complicate things, which is why hiring an experienced lawyer for a real estate closing is critical. Contact us to get started.
Real Estate Closings in New Jersey
A real estate transaction in NJ is comprised of Attorney Review, Inspections, Mortgage procedure (Lender approval, appraisal, etc.), obtaining Title Insurance, and finally, the actual Closing itself.
- The attorney review procedure starts when both parties accept an offer for a property and sign a contract. Immediately, a 72-hour attorney review period starts During the attorney review time, the contract may be changed (if both parties agree) or any party can walk away without facing any penalties.
- The buyer pays a ‘good faith deposit' to the seller's attorney or broker (not directly). Usually between $1,000 and $5,000. The buyer pays the balance of the deposit (also known as earnest money) within the time period specified in the contract, typically within a few days.
- The purchaser generally requests an inspection (even cash buyers), and if the buyer finances the property with a loan, the Mortgage lender typically requires it.
Ordinary home inspections primarily exist to verify that the home is safe for residential use. Inspectors generally check plumbing, roof adequacy, electrical outfitting, and others. They check for the presence of smoke detectors, whether locks and fixtures function properly, and whether the home has any obvious structural damage or other glaring issues. Sadly, smaller issues or issues not readily seen (such as structural issues between walls and floors) will not likely be caught by even a seasoned inspector.
For an added cost, inspectors may also perform a Termite check, asbestos testing, radon testing, and lead paint checks. A buyer may also need testing or inspections on the home's well or septic system, if applicable.
Older houses may contain an underground oil tank, posing an environmental concern. Its removal may be expensive and should be considered during the assessment. Likewise, whether a property is susceptible to catastrophic flooding may also be examined. Following inspection, an Occupancy Permit may be issued for the home.
After these inspections, the buyer may request repairs or a lower selling price from the seller, which is called "seller credit." The seller may then accept or reject the buyer's demands or continue negotiating. Without consent, the buyer may back out of the transaction and receive their earnest money deposit returned.
The Loan Process
The mortgage procedure may begin at the same time as the legal evaluation. It is advised not to change jobs or do anything else that may impact your financial situation at this time.
1. The buyer applies for a loan directly or via a mortgage broker.
2. The buyer sends personal finance information to the lender, including W2's, bank and investment account information, information on any existing rent or debt payments, 2 years of tax returns, pay stubs, and employment information. Depending on your circumstances, you may also need to provide information regarding Child Support payments, monetary gifts, or Alimony.
3. The lender approves or denies the loan. So long as their conditions are fulfilled, the lender will then issue a Loan Commitment Letter.
4. The lender requests an Appraisal or property evaluation to verify the buyer is paying market value. Lenders may refuse to finance mortgages if an assessment shows the property is worth less than the buyer is paying.
5. The buyer obtains homeowners and title insurance, and provides evidence to the lender. Pre-closing title searches ensure that the property is free of defects that may reduce its value and that the seller owns and has the right to sell it.
6. Just before the closing, a last tour of the property is performed to ensure nothing has changed.
Closing on the Property
After each proceeding step is finalized and approved, the Closing occurs. The buyer and seller sign all relevant papers and the buyer pays the rest of the purchase price in one meeting (generally via the loan). It's at this point as well that the Realtors are paid. Unless otherwise arranged, the buyer typically gets the keys immediately at that point.
If you're in the process of buying or selling a home, contact us today at 800-709-1131 or fill out the form below.
New Jersey property taxes have been spiraling out of control for years. We have helped many of our clients reduce their tax burden by filing an Appeal for their property taxes. The key is to know the timeline to make sure there is ample time to fight the property taxes.
The deadline to file a tax appeal in New Jersey is April 1 of the current year or May 1 of the current year if the Municipality has performed a revaluation or reassessment, with no exceptions. We manage our clients' cases effectively year-round to protect their real estate investments against excessive taxation.
Need more info?
If you're looking for additional information regarding either a real estate transaction, real-estate development, or commercial/residential real estate litigation, simply fill out the form below or contact us at (800) 709-1131.
100% FREE CONSULTATION
We focus on providing top-tier representation to buyers and sellers alike at competitive rates. If you're in the market to buy or sell a property, we can help. As always, your consultation with us is absolutely free.