Answering Your Real Estate Law Questions
Our Essex County, New Jersey, real estate lawyers can offer guidance regarding real estate questions such as the following:
What is the process for buying or selling a property?
Here is the chronology of a typical real estate transaction:
- Both parties (buyer and seller) sign a contract outlining the terms of the sale.
- The contract enters attorney review, a period that typically lasts three business days and allows for changes to the original contract or for either party to change their mind and cancel the deal without penalty or forfeiture of deposit.
- Buyers arrange for a home inspection, to ascertain the structural condition of the home and to uncover hidden or latent defects to the major systems, including plumbing, electrical, heating and air conditioning as well as to determine whether the roof and basement are free from leaks and/or water penetration.
- Buyers secure a mortgage commitment or mortgage loan needed to complete the purchase.
- Both parties attend the closing, where the seller signs final closing documents, including a new deed and the buyer transfers the balance of the purchase price to seller.
Do I need an attorney?
The purchase or sale of real estate involves complex legal issues and, for most people, represents the most expensive purchase they will ever make. A real estate attorney is trained to protect your interests throughout the entire transaction and ensure that you get what you bargained for.
How much will it cost?
Of course, since each case is unique, please call Minion & Sherman for a free price quote.
Should I use a real estate agent?
Using a real estate agent is a very good idea. A real estate agent will be well-acquainted with information about a neighborhood, including the quality of schools, the number of children in the area, traffic volume and more. Your real estate agent will help you determine the price range you can afford and search the classifieds and multiple listing services for homes you will want to see. With immediate access to homes as soon as they are put on the market, the agent can save you hours of wasted searching.