Speaking as New Jersey Real Estate Agents working with Buyers and Sellers in the Pascack Valley area of Bergen County, New Jersey, we'd like to share our list of the features that illustrate The Role of The Real Estate Attorney. We are happy to offer names of qualified Attorneys to our customers and clients. However, there are occasions when a Buyer or Seller has an Attorney that they pre-selected. Although most of the time things work out, we have seen those unfortunate situations where the Buyer or Seller feel that they have been left in the dark. Your Agent will keep track of the following terms. However, your Attorney will be the person who will monitor the Contingencies of the Contract on your behalf. The following list is what you can usually expect your Attorney to handle during the course of your transaction:
1. Attorney Review - In the State of New Jersey, once a Seller and Buyer come to a "Meeting of the Minds", the Offer is signed by the Seller. Next, both the Seller and Buyer's Attorneys receive a copy of the contract to review. During this period, the Attorneys may exchange Riders which could alter portions of the Original Offer. The time frame for the Attorney Review Period could be important if you are a Buyer. It should be noted that during an Attorney Review Period in the state of New Jersey, the Buyer or the Seller can "Back Out", without explanation.
2. Home Inspection Issues - Within approximately ten days after the conclusion of the Attorney Review period, the results and requests for any Home Inspection issues are due. Once the Inspection has been concluded and the Inspection Report has been issued, the Attorney for the Buyer reviews the points with the Buyer. You should expect your Attorney to review these points with you in a timely manner (per the contract and/or Riders).
3. The Deposit Monies - Once the Attorney Review has been completed, the Buyer must meet the deadline set forth in the Contract to bring their Deposit monies to their Attorney. The Attorney will then forward the Deposit monies to the appropriate party in good-faith preparation for the closing.
4. Mortgage Commitment Contingency - The Buyer must take the necessary measures to apply for a Mortgage in a Timely manner. Your Attorney will coordinate the Closing of Title with the Lender to insure the Funds are available on the day and time of the scheduled Closing.
5. Title Review & Survey as well as Title Insurance - Your Attorney will order a Title Search to insure that the property is free and clear of any liens or judgments. Once your Attorney has cleared any judgments and confirmed that any open mortgages will be paid in full at closing, the Title Company will issue a "Clear to Close" and the Attorney will then proceed to closing accordingly. After the closing has taken place, the Title Company will issue a "Title Insurance Policy", insuring the property against any future claims that turn up reverting back to prior to closing. The Attorney will also order a Survey to be done on the property in question. This is important as a Survey will reveal any abnormalities of property lines, and if the Buyer intends on building/improving upon the property in the future, the Surveyor can set property corner markers, or "stakes", which mark the property lines. Your Attorney will forward a copy of the Survey to you prior to closing for you to review and familiarize yourself with your property lines.
6. Ordering of Homeowner's Insurance - The Buyer's Attorney will instruct the Buyer to make application for Homeowner's Insurance. The Buyer's Mortgage Lender will quite often remind the Buyer of this, as well, but it is necessary that the insurance is ordered in a timely manner. The Insurance Certificate must be available on the day of Closing of Title.
7. Closing Of Title - The respective Attorneys will confirm that Funds are available and coordinate with all parties to set the Closing of Title at which time, keys will be exchanged!
As a Buyer or Seller in New Jersey, it's important to note that The Role Of The Real Estate Attorney is to represent you in the legal matters concerning the Transaction.
For more information regarding the Real Estate process, call Bob & Lisa at (201)218-6802 or visit us online at www.HammersTeam.com - Your Real Estate Resource!
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