A: If you get “cold feet” or decide to cancel the contract, you may be sued for damages by the prospective Buyers. Unfortunately, this is a possible risk, and depending on what stage of the Closing the parties are, a Judge could force you to sell the home. If you have any reservations about selling your home, Mr. Scotto D’Aniello can speak with you about your rights regarding the sale of your home.

A: Yes. During Attorney Review, either party has the right to cancel the contract at any time. As a Seller, you have the right to cancel your current contract and accept a better offer. However, bear in mind that the same right applies to the Buyer as well. A Buyer may find a more suitable home, and they may want to cancel this contract and put in an offer for a different property. However, it is more likely that once a home is under attorney review, showings and open houses typically stop.

A: Once the initial contract is signed, the parties will enter into a period of the closing that is known as the Attorney Review. Many of times, a Realtor presents you with a standard contract known as the “Statewide New Jersey Realtors Standard Form of Real Estate Sales Contract”. During this pivotal part of the Closing, Mr. Scotto D’Aniello will not only review the contract to ensure that all of your interests are protected, but will attach and include a Rider or Addendum to the contract which contain specific or additional provisions that may have been discussed between the parties, but may not have been included at the time the contract was signed. Attorney Review generally takes about three days, however it can be shorter or longer as long as all parties are in agreement. What is most important to know as a Buyer or Seller is that during Attorney Review, either party has the opportunity to cancel the Contract without issue at any time! So, if you are a buyer and are having second thoughts, or are a Seller who may have a more enticing offer, either party may cancel the Contract during Attorney Review. This is why it is so important to choose an attorney like Mr. Scotto D’Aniello to ensure that Attorney Review runs as quickly and efficiently as possible. Once the parties are able to agree upon all additional provisions of the Contract, the Attorney Review portion of the Closing is completed, the parties are now “under contract,” and you are one-step closer to selling your property!

A: A Seller is responsible to convey a clear and marketable title to the Buyers of a Property. Without an experienced real estate attorney, a property lien, judgment, title problem, or other transaction related issue could negative affect the deal. Mr. Scotto D’Aniello has assisted sellers negotiate issues related to Title saving the deal from going under. Moreover, Mr. Scotto D’Aniello ensures to pair each of his clients with a reputable Title Agency to provide Title insurance to avoid any issues that may arise post closing.

A: Closing Costs generally refer to any and all fees associated with obtaining a mortgage, securing title, and as the Seller, could be realtor brokerage fees, recording fees, and real estate transfer taxes. Since the Buyer is the individual who takes out the mortgage, they are typically responsible for paying the costs associated with obtaining the mortgage. Closing costs can include, but are not limited to: credit report fee, loan origination and underwriting fees, appraisal and survey fees, title search fees and title insurance fees as well as any escrow required to be placed for the purchase of the home. A typical closing cost package runs anywhere from two to five percent of the price of the real estate purchase to put into prospective. Your lender will give you a good faith fair estimate prior to closing, but that is only an estimate.