Residential Real Estate Law
Union County, New Jersey has an active real estate market. Homebuyers and sellers are looking to buy their first house or sell a home to move to a larger house. Individuals and companies are interested in commercial or industrial buildings. Moreover, individuals and companies may seek financing to purchase buildings or land. The Union County, New Jersey Real Estate attorneys at Schiller, Pittenger & Galvin, P.C., stand ready to assist clients buy their dream house, expand their business by buying a larger warehouse or get the financing to acquire new buildings or purchase land to develop.
Union County, New Jersey Residential Real Estate Attorneys
The New Jersey Residential Real Estate attorneys at Schiller, Pittenger & Galvin, P.C., recognize that, for most people, the purchase of a home will be the largest purchase they will make in their lifetime. Consequently, the residential real estate lawyers at the firm will guide clients through the legal aspects of each stage of the process, from the signing of the contract to the completion of the transaction at the closing.
We communicate frequently with our residential real estate clients and keep them fully informed as we proceed to the final closing.
Our residential real estate clients include buyers and sellers. Additionally, we represent first-time home buyers and couples in their second or third home who are now buying a vacation house. Our clients buy single-family houses, co-ops, condos and investment properties.
The various stages of a residential real estate purchase/sale include:
Signing the Contract and Attorney Review
Once the buyer and seller have come to a preliminary agreement on the price, and possibly some other terms, the real estate agent prepares a contract for the buyer and seller to sign. This is a form contract used in residential real estate sales.
In New Jersey, there is a three-day attorney review period that starts after the parties sign the contract. The residential real estate attorneys at the Schiller, Pittenger & Galvin, P.C., review the contract with the client and advise her of her rights and responsibilities under the contract.
If necessary, we will prepare additional riders to the contract needed to protect the client’s interests.
After the attorney review period, the buyer schedules a home inspection by a licensed home inspector and perhaps other, specialized inspectors. The seller may have made disclosures about the condition of property. Nevertheless, a home inspector routinely inspects the house. The inspector will examine the interior and exterior of the building, the roof, siding, etc.
He will look for evidence of damage caused by water leaks or insect infestation. He will check the furnace, water heater and central air conditioning system, and the electrical system. Separate inspections can be ordered to investigate the presence of underground oil tanks or other environmental issues.
The client will review the inspection report in consultation with the inspector and identify any issue for which remediation will be requested from the seller. We will communicate the buyer’s concerns to the sellers.
Conversely, if we represent the seller, and the seller receives a repair request, we will review the request with our seller-client. We will attempt negotiate a reasonable resolution of the repair request so that the sale of the property can be completed.
A necessary step on the way to a closing is a title review of the property being sold. The title company will search public records to confirm the ownership of the property or its owners. The search will also reveal if there are any liens or judgments filed against the property.
If the title search shows defects in the title, we will work to quickly clear those defects so the sale can proceed.
If we are representing the seller, we will prepare the documents necessary to close on the sale of the property. Those documents include:
- The deed;
- Affidavit of title;
- 1099-S reporting form or exemption certificate;
- FIRPTA certificate,
- GIT/REP form;
- Affidavit of consideration (if necessary), and
- Closing authorization.
If we are representing the buyer, we will review the documents prepared by the seller’s attorney prior to the closing and ensure they are in order.
The closing process is undertaken in cooperation with the buyer’s a separately retained settlement agent. The settlement agent prepares the closing statement or closing disclosure in conjunction with the buyer’s lender, if any. The settlement agent also makes certain that all information necessary to satisfy the lender’s and the title company’s requirements, such as mortgage payoff statements, has been obtained.
After the Closing
After a successful closing, the settlement agent will pay off any outstanding mortgages, liens or judgements, and outstanding municipal utility bills.
The buyer will receive the original recorded deed and a title insurance policy in the mail from title company.
Experienced Union County, New Jersey Residential Real Estate Lawyers
There are several steps that must be successfully completed in order for the sale of residential property to be completed. The Union County, New Jersey residential real estate attorneys at Schiller, Pittenger & Galvin, P.C., have handled hundreds of residential real estate transactions across New Jersey. We know what is required of buyers and sellers and prepare our clients accordingly. If any problems arise (and they sometimes do), we address them immediately and make every effort to resolve them.