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First Time Homebuying in New Jersey [Real Estate Procedures Quick Guide]
You have spent some time looking at real estate, and you are ready to buy your first home. First, though, you must understand real estate law and how it pertains to your purchase. It is crucial to go over the legal requirements for purchasing a home. Then, you will be ready to take the next step.
Fortunately, here is information about the legal process.
Legal requirements for purchasing real estate in New Jersey
Most people think buying a home is as simple as making an offer, getting it accepted, and signing the paperwork. New Jersey, real estate law, has some additional requirements in place to protect buyers and sellers. These requirements must be met before the purchase is finalized. Learn about the attorney review period, paying the deposit, disclosures, and the closing process.
Attorney review period
New Jersey law dictates that real estate attorneys for the buyer and seller must review the offer and negotiate the sales contract. The attorney review period occurs immediately after the seller accepts the offer and lasts for 72 hours. Either party can request changes to the contract during the 72-hour period. The buyer or the seller can also void the contract and walk away without incurring any penalties.
Paying the deposit
The sales contract will likely stipulate a deposit amount that must be paid before moving forward. The amount is normally 5-10 percent of the sales price, but it varies from contract to contract. The money is paid to the seller’s broker or attorney and sits in escrow until closing. On the day of closing, the amount is applied to the purchase price of the home.
New Jersey requires sellers to disclose any known information that could impact the sale. However, sellers are not required to conduct inspections or search for problems with the real estate. Instead, they must disclose known issues. Potential buyers can ask for inspections to look for problems. For example, potential buyers can request a termite, lead paint, and asbestos inspection before agreeing to purchase the property.
Closing on the home
A real estate lawyer must conduct a title search before the buyer and seller can close on the home. Then, the attorney will prepare the documents needed for the closing process. The attorney is responsible for the paperwork to change the name on the title and title insurance. Also, the attorney determines the final cash amount for sale. Once the paperwork is finished, the buyer and seller attend the closing and sign the paperwork.
Follow the laws when buying real estate in New Jersey
New Jersey law is complicated, and it can be difficult for new homebuyers to navigate it. It is normal to have questions about deposits, disclosures, and other aspects of the homebuying process. Consult with a real estate attorney if you have any questions. Your attorney can guide you through the process.
Call us at (732) 449-0449 for more information from Anthony J. Cafaro, P.C. or to schedule a consultation in our office in Sea Girt.
NOTE: This is for informational purposes only and does not constitute legal advice.
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