Whether you are buying or selling a home, or buying and selling a commercial property, JSD Legal handles both residential and commercial real estate closings throughout the entire State of New Jersey. New Jersey real estate law can be overwhelming and complex. For many, this is your first time purchasing or selling a home. JSD Legal, LLC has been representing clients in countless real estate transactions for nearly a decade. Mr. Scotto D’Aniello assists each of his clients answering any and all questions or concerns and most importantly, protecting each client’s financial interests along the way.
How Can A Real Estate Attorney Assist Me In Purchasing Residential Property In New Jersey?
A real estate attorney, particularly a residential property lawyer, can assist you in several ways when purchasing residential property in New Jersey.
First, a residential property lawyer can review and negotiate the purchase contract terms. This is generally difficult to do on your own since the terminology used can be almost somewhat foreign to day-to-day life. It can be overwhelming as well, given how involved it typically is.
They can also conduct a title search. This is done to ensure no outstanding liens or issues with the property exist. One of the worst things that can happen to you is that you do not conduct this search and find out later in the process that there are issues with the title. It drags out the transaction and makes it even more expensive.
Additionally, they can assist you in obtaining financing and mortgage documents. Depending on your situation, you may not outright require assistance because of your financial savvy or position. Still, it does not hurt to have the assurance of additional support. For those in difficult situations, it may be a great help to have a real estate transaction attorney at your side for this.
Lastly, they can represent you at closing to ensure the transaction goes smoothly and your interests are protected.
If I Have A Real Estate Agent, Do I Need A Lawyer?
Although hiring a real estate lawyer when buying a property in New Jersey is not mandatory, their knowledge and abilities can be invaluable in navigating everything associated with purchasing residential real estate. This is especially true because real estate agents cannot provide legal advice on real estate law. However, there may be times when this proves necessary in your situation as you navigate the infamously complicated housing market. As such, it is something worth serious consideration.
Given the nature and complexity of real estate transactions, having an experienced real estate transaction attorney is essential to safeguard your financial wellbeing. This is especially the case when buyers must make substantial financial commitments.
What Is A Clear Title? Why Is It Important?
A clear title is a title without any lien or levy from creditors or other parties that would call into question the legal ownership of a property.
For residential real estate, buyers order titles. When you partner with me, I take that burden from you, so you do not have to worry about doing so yourself.
Once a real estate transaction contract is signed and the real estate lawyer review is complete, I work closely with title agencies specializing in conducting searches to this end. They ensure that there are no outstanding liens or encumbrances on the property, thus providing you with a clear title and title insurance for your new home. I see to it that this is done to protect your financial interests in the event issues concerning the ownership interest of your property arise in the future.
A title that is not clean leaves you at risk of losing your real estate property.
If, for some reason, you do not have legal ownership, a levy, or interest in your property, I ensure that the title agency insures the property for up to the total amount of the contract price.
What Common Title Issues Could Prolong A Real Estate Transaction?
Common title issues that could prolong a real estate transaction include:
- Unpaid taxes or other liens on the property
- Boundary disputes with neighbors
- Unknown heirs claiming ownership
- Erroneous public records or surveys
- Encroachments by structures or easements
- Unresolved legal judgments or bankruptcies related to the property or its previous owners
What Are Some Other Common Causes Or Delays That Could Derail My Residential Real Estate Sale Or Purchase In New Jersey?
Some common causes that could derail your residential real estate sale or purchase in New Jersey are
- A judgment or lien against the property
- Difficulty obtaining a mortgage commitment
- A tenant renting a specific unit or dwelling that needs to be given the notice to vacate the property
- Additional time needed to find a new home after selling
- A contingency on the contract
This information may not be explained to a client by a realtor and it could potentially delay the closing. These are reasons why it’s so important to have an experienced attorney on your side to explain these issues to you because it could cause potential delays and cause financial burdens on the clients.
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- What Can A Home Buyer Expect When Purchasing Their First Home?
- What Happens At The Closing For A Residential Property Sale And What Can The Real Estate Attorney Do To Make This Process Go Smoothly?
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- Selling a Home
- Real Estate FAQs
- Buying Or Selling Residential Property In New Jersey