Does New Jersey law require a real estate attorney in a residential transaction?
Buyers and sellers of residential properties in the Garden State can avoid problems and expedite the closing process when they retain the services of a real estate lawyer of New Jersey. At GLR&W in New Jersey, we have successfully closed hundreds of New Jersey residential real estate transactions.
Buyers and sellers of residential properties in New Jersey have an option not to retain a lawyer. However, the complexity of even a simple transaction can quickly overwhelm both parties. It can be challenging to address issues in the terms and conditions of a purchase contract, title issues and boundary disputes, financing options and mortgage applications, and transaction closing processes. In sum, an experienced residential real estate attorney can quickly focus on critical issues and ensure that the process is fair and equitable for everyone.
What are the most common residential real estate services in New Jersey?
In every case, a residential real estate attorney in New Jersey will advise a client on:
- Contract issues, including contingencies, legally-required representations, money transfers and payments, inspection rights, and other matters that are unique to the specific purchase and sale agreement
- Title issues, including issues such as easements and unresolved liens that might attach to a residential property
- Financing documents, including required Truth in Lending Disclosures (“TRID”) and waiting periods for closing following the issuance of an estimate of closing costs
- New Jersey residential closing procedures
- Verifying that all documents have been properly recorded.
What is the most important information for New Jersey home buyers?
Purchasers of residential real estate in New Jersey should remember that they have three days from the signing date of a purchase and sale contract to have a residential real estate lawyer review it. We can help New Jersey home buyers understand the contract’s contingencies, as well as the buyer’s mortgage rights, obligations, and opportunity to procure a home inspection. With the help of a lawyer, buyers should also verify that they are familiar with escrow obligations and everything that needs to be handled before a scheduled closing date.
How do residential real estate attorneys help sellers?
At the seller’s request, a New Jersey residential real estate attorney will prepare the deed to transfer title to the property. They will also handle issues involving the seller’s affidavit of title and review and finalize required documents. These can include the Foreign Investment in Real property Tax Act (“FIRPTA”) affidavit, the 1099-S tax reporting form, and the New Jersey GIT/REP tax withholding disclosure.
How much does a real estate lawyer cost in New Jersey?
Most New Jersey residential real estate attorneys provide legal services for a flat rate. Others provide services at an hourly rate, particularly for residential real estate transactions. Complicated closings, contingencies, and other factors that cause the attorney to spend additional time will usually justify some additional charge. Home buyers will have to sort out billing and payments upon retention of their lawyer.
GLR&W is Proud to Serve New Jersey Buyers and Sellers
For information about our residential real estate services, please call us at our Mount Holly offices to consult directly with an attorney. We have the knowledge and experience to handle every aspect of a residential real estate transaction from the initial purchase offer through the closing and transfer of title. We also represent purchasers and sellers in mediation and litigation to resolve post-closing disputes.