04/21/2021 How a Real Estate Attorney Can Help You Buy or Sell a Home

If you are in the New Jersey market to buy or sell a home, you should know this is not a DIY (do it yourself) project.  Those who purchase or sell a NJ home without the assistance of a real estate attorney often lose thousands or even tens of thousands of dollars in the process.  Lean on an experienced real estate attorney to advocate on your behalf throughout the home purchase/sale process and you will rest easy knowing a savvy legal practitioner has carefully reviewed the contract, ensuring its language is fair.  

The bottom line is you have worked too hard to get to this point in your life journey to complete a New Jersey real estate transaction without the oversight and guidance of a real estate lawyer.  This legal practitioner will do everything possible to protect your hard-earned money during this important life milestone.

Why You Need an Attorney When Buying Residential Real Estate: Reviewing the Contract

Buying a house will likely prove to be the most expensive and significant purchase of your life.  The law of real property is front and center, presenting a number of highly nuanced legal hurdles.  Your real estate attorney has the training and experience necessary to address these challenges head-on.  The attorney’s assistance will prove particularly helpful after a contract for the available property is agreed to.  This formal written contract is referred to as the purchase agreement. 

Your attorney will review every last detail of the purchase agreement to ensure it has favorable terms.  If the terms within this agreement are vague or biased toward the seller, your attorney will modify them prior to providing official approval.  Furthermore, if you don’t understand the agreement’s terms, your attorney will translate them from legalese into plain English you can understand without a law degree.  

The idiosyncrasies of the language within the Northern New Jersey real estate purchase agreement are particularly important as they detail information about the property itself as well as the financing of the transaction.  The agreement explains whether the down payment will be held in escrow, how that payment is to be made, whether closing is contingent on the buyer securing financing, the fate of the down payment should the closing not occur and plenty more.  The agreement also contains important information pertaining to the home inspection in terms of the time window in which it is to occur and how it is to be used in the context of the pending home sale.  The purchase agreement will also contain a provision pertaining to the buyer securing a commitment from a lender to finance the transaction.

The Passaic County Real Estate Title Search

Once the purchase agreement is signed, the state of the current property owner’s title to the property must be established to satisfy the homebuyer as well as the lending institution.  Title searches are typically ordered from a title insurance company or abstract.  The homebuyer’s attorney reviews the title status.  If a title policy is unavailable, the attorney will provide an opinion of title.  The attorney will review the title search and delve into the nuances of title exceptions on your behalf.  

The assistance of a real estate attorney is also necessary to analyze whether the title’s legal description is accurate.  If there are any legal conflicts with prior owners or adjoining owners, the attorney will handle those issues on your behalf.  Furthermore, if there is an easement, a restriction or agreement stemming

from a prior owner of the property, your attorney will explain them in layman’s terms so you can move forward with a comprehensive understanding and full confidence.  If legal restrictions exist that prevent you from selling the property, your attorney will bring them to your attention.

Closing the New Jersey Real Estate Deal

Your real estate attorney will explain the reasoning for specific closing costs, provide justification for those amounts and ensure they are genuinely fair.  The closing process is quite complex, meaning you will likely be confused and might even be taken advantage of by opposing counsel if you are not represented by an experienced real estate attorney.  There is also the potential for disputes pertaining to the property’s condition and promised repairs to arise prior to or during the closing.  You need a detail-oriented real estate attorney in your corner to ensure you do not pay a penny more than absolutely necessary.

NJ Home Sellers Also Need a Real Estate Lawyer

Lean on a real estate attorney for your home sale and you will rest easy knowing an experienced legal practitioner is sweating all the small stuff of this important transaction on your behalf.  Though hiring an attorney for a home sale certainly costs money, the small fee pales in comparison to the amount of money you could lose by proceeding without the assistance and guidance of an attorney.  A home seller’s attorney reviews the accepted contractual offer to ensure every last detail is correct and does not unfairly favor the buyer.  A thorough review of this document will be performed to protect your interest.  

Your attorney will also represent you in the context of home inspection negotiations.  NJ real estate lawyers prepare repair agreements following the home inspection.  If you need additional time after the closing date to depart the premises, your attorney will negotiate a “rent back” or “use of occupancy” agreement on your behalf.  This legal practitioner also prepares the deed for transfer given to the buyer at the closing.  The deed is an official legal document so it must be prepared to perfection.  

If mortgage payoffs are necessary or if any title issues arise, your attorney will handle the details of these challenges on your behalf.  Finally, your attorney will work with the buyer’s attorney, attending the closing and ensuring every last detail is absolutely perfect prior to completing the real estate transaction.

Contact Bavagnoli & Bavagnoli Today

Our legal team is here to help you buy or sell a New Jersey home.  If you are a home-seeker or if you are thinking about selling your home in the New Jersey area, reach out to us today for more information about how our law firm can help.  You can schedule an initial consultation with the New Jersey real estate attorneys at Bavagnoli & Bavagnoli by dialing (973) 785-9522 or by filling out our convenient online contact form.