Every Buyer should be aware of some problems that may arise when buying real estate in New Jersey

 

• A Buyer of real estate may not be able to personally determine beforehand whether the property has any structural, environmental of system defects such as water damage, foundation or other structural problems, inadequate electrical wiring, faulty plumbing, wood destroying insect infestation, asbestos, elevated levels of radon, the presence of underground oil storage tanks and possible soil contamination, septic or well system failure.

• Details of great significance to the transaction may not be included in the Contract of Sale.

• Verbal agreements, representations and promises, if it is left out of the contract, may be unenforceable.

• A Buyer may be unaware of certain deed or zoning restrictions that may prevent them from using the property for its intended purpose.

• The description or survey of the property may be incorrect, inadequate or outdated. Therefore, a buyer may be acquiring a smaller lot than they are paying for.

• The seller’s title to the property may be encumbered with mortgages, easements, encroachments, unpaid taxes, liens, judgement and other items.

• Missing heirs in estate sales, forgers, invalid divorces, irregular foreclosures and other unforeseen complications, can leave the legal ownership of the property you are purchasing unclear even if the deed appears to transfer title.

 

The Contract of Sale

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The contract of sale is an agreement for the purchase and sale of real estate. This is the most important document in the real estate transaction. It sets forth the rights and responsibilities of the parties involved in the transaction. The contract will outline and determine what and under what conditions the buyer is buying and the seller is selling.

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It is of the UTMOST IMPORTANCE that a buyer be aware that parties to a contract of sale prepared by a licensed real estate broker (a Brokers Contract of Sale) have three (3) business days to have the contract reviewed by an attorney. The attorney may then review the contract and make certain changes to amend the contract or even cancel it on behalf of their client. Once the three (3) days have elapsed without an attorney review or proposed changes, the contract will be binding on the parties AS IS.

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For your own protection it is advisable that you consult this office within three (3) business days of signing a Brokers Real Estate Contract of Sale so that we may carefully and timely review the Contract and make necessary amendments in order to preserve and protect your legal rights.

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NEW CONSTRUCTION and For Sale by Owner Contracts are NOT governed by the three (3) day attorney review period. Thus a Buyer or Seller of such a property must consult with an attorney BEFORE signing the contract.

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Stella Bondar is available to assist you in numerous ways

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• Prepare, review and explain the contract of sale on the property that you are buying or selling.

• Guide you through negotiations during the inspection contingency regarding termite, structural, radon, wood destroying insect, septic, well, UST (Underground Storage Tank)/oil tank inspections performed by inspection companies. Please note that these inspections must be scheduled by the buyer with qualified NJ licensed inspection companies.

• Order and review title searches and surveys that will define and describe the property you are purchasing and your legal ownership of the property.

• Review and assist in settling any title problems that may arise.

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The "Closing"

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The closing is a meeting between the buyer, the seller, their respective attorneys, and the settlement agent for the lender and title company, wherein the mortgage documents are executed, the transfer of title to the property takes place and the balance of the sales price is handed over to the seller.

Services at the Closing Table and Thereafter

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• Structure the transfer of ownership and help guide you through the steps of the purchase or sale of your property.

• Review the final closing statement and other closing related documents.

• Preparation of sale transfer documents.

• Review the final closing adjustments for taxes, sewer, water and other costs apportioned to each party.

• Represent you and your interests at the closing to ensure your rights are preserved.

• Record the deed and mortgage, and cancel any existing liens and mortgages on the property.

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