Law Office of
M. Suarez


Limited Liability Company


If you are buying or selling a home, these are some important legal objectives to know:

Most real estate contracts in New Jersey are subject to an Attorney Review provision:

  • Extends over three (3) business days from Seller’s acceptance of Buyer's offer;
  • Provides the attorney and client an opportunity to examine the contract with to ensure your understanding and comfort;
  • ¨¨Either party may terminate the contract, or make revisions thereto, during attorney review, without penalty

Most real estate contracts in New Jersey contain a Home Inspection Contingency:

  • ·         N
  • House to be inspected by a licensed home inspector
  • We examine the report with you and negotiate the resolution of issues raised during the inspection and addressed in the report
  • The Seller is not legally obligated to remedy the requested issues
  • If the parties can not come to an agreement on the appropriate resolution of significant home inspection issues, the parties may terminate the contract, and the buyer may receive a refund of his/her deposit 

Most buyers require financing in order to complete their transaction.  As a result, most deals often contain a mortgage contingency, as follows:

 

  • Normally satisfied within 21 - 30 days from the conclusion of attorney review
  • Buyer will not be obligated to purchase the property unless you are approved for the financing disclosed in the contract
  • The mortgage contingency is satisfied upon issuance and acceptance of a mortgage commitment from your Lender
  • Buyer’s Lender orders an appraisal of the property, at your expense, to ensure the house is worth the purchase price and loan amount
  • Caution: a pre-qualification or pre-approval letter is not a mortgage commitment

 

Inherent in every real estate transaction is a title contingency, which means:

 

  • You will not need to purchase the property unless the Seller can deliver to you insurable title at closing 
  • We order and review title commitment with you and your Lender
  • Ensure all judgments and/or liens are satisfied at closing
  • Obtain title insurance that will insure against any encroachments, judgments or liens
  • Order and review survey

 

Once the foregoing applicable conditions are satisfied, a Closing will be scheduled.  Customarily:

 

  • Closing occurs at the office of Buyer’s attorney
  • Buyer will execute loan documents
  • Counsel will examine and record title documents
  • Counsel will examine municipal approvals:  Seller must provide certificate of continued occupancy, smoke detector certificate
  • The buyer will bring a cashier’s check to closing to cover the closing costs and balance of purchase price; we will disburse all funds
  • The Seller will produce the property vacant in broom-swept condition, and will deliver the keys at closing

For more information relative to Short-Sales and HAFA Guidelines
For more information relative to Home-Buyer Credits
For more information relative to Foreclosures
For more information relative to Broker's duty of care, and recent changes in the law
For a summary of expectations from Contract to Closing (English and Spanish)

The materials contained in these handouts were collected by the Law Office of M. Suarez, LLC for your own reference in connection with real estate transactions.  Since these materials and related discussions are informational and educational in nature, you should consult with counsel before taking any actions and should not consider these materials or discussions thereabout to be legal or other advice. 

 

Professional advice should be obtained before attempting to address any legal situation or problem.

 

If you would like more information about the firm and its services,

please contact Melissa Suarez at (201) 569-1166, or email us at: melissa@msuarezlaw.com

 

Hablamos Espanol.