Real Estate

Real Estate

fotolia_68636009Counseling New Jersey Clients Buying and Selling Property

Buying real estate is one of the most important investments a family or business owner can make. Dealing with the complications of housing laws requires experienced counsel to offer legal advice and representation. Retaining an attorney is vital for both the buyer and the seller. Cohn Lifland has years of experience with real estate transactions, including negotiating terms, and conversing with brokers, realtors, home inspectors, bankers and insurance agents. Our firm will assist our clients by reviewing contracts, allocating funds and fees, and most importantly, protecting their rights and interests. If you are thinking of buying or selling property, contact Cohn Lifland today.

Cohn Lifland Represents Buyers and Sellers

Cohn Lifland represents the interests of buyers in a real estate transaction. Buying a property is a significant undertaking and our firm can help buyers understand the terms of the purchase and protect them from the unforeseen liabilities in buying a new home. Our firm has reviewed countless real estate documents related to titles, mortgages and taxes. Our attorneys can register legal documents related to your real estate transaction, attend your closing and ensure that you possess the valid ownership documentation in the end.  

Cohn Lifland assists clients who sell property. We will work to ensure that your purchase and sale agreement terms properly protect your interests. If any issues arise with your title, we will work to resolve those problems. Our firm will represent your interests during negotiations and walk you through the closing. Our team of real estate attorneys are skilled and knowledgeable. We are happy to answer any questions you may have regarding your real estate transaction. If you need to retain our services, don’t hesitate to contact us.

Title Insurance

You need title insurance when you purchase property to make sure there are no mortgages or liens on the property. When you take ownership of the property, you don’t want to worry about an old mortgage coming up. The title insurance carrier will do a search for outstanding mortgages or liens. Your attorney will ensure that any mortgages or liens are taken care of at the closing so you have nothing to worry about. After the closing, if something does occur, the carrier will take care of it. When you file a claim with your insurance provider, you are protected.

Home Inspections

The home inspection allows the buyer to retain the services of a licensed home inspector in order to examine the property and let the buyer know exactly what he or she is getting. In all New Jersey residential real estate transactions, the property is sold in “as is” condition. That means the buyer is getting the property exactly as it appears. In order to make an informed decision, a buyer must use the services of a licensed home inspector. In addition to having the home inspector inspect the property itself, we recommend that buyers also use the home inspector to do a termite and Radon inspection. In order to find the proper home inspector, you should consider if the person is part of a professional organization, has a background in the building industry and has a lot of experience. A home inspection typically takes at least 2-3 hours to complete. We suggest that you attend the inspection to be sure that your home inspector is looking at everything and offers you information on possible repairs in your future.

The Closing

The closing is the final step in executing a real estate transaction. On the day of the closing, the buyer should go to the property and do a walk-through to make sure it is in the same condition as the last time it was visited. The buyer should make sure the seller didn’t cause any damage to the property. The buyer also has to go to the bank to get a wire or cashier’s check and bring the necessary money to the closing. At the closing, the buyer will review and sign loan and transfer documents. The seller will provide a deed, which conveys the transfer of ownership interest in the property to the buyer’s name, and hand over the keys. Money will be exchanged, including funds for the closing costs. The buyer and seller are usually present. In some cases, the lender and attorneys are present as well. Usually, the real estate agent is there to oversee the process. Some of the documents that may be required include the closing disclosure, mortgage note, mortgage papers, deed, loan application and bill of sale.  

What is a short sale?

A short sale is a sale of real estate when the seller’s mortgage exceeds the purchase price of the property, making the process more complicated. In those situations, there are three parties involved in the sale transaction. Instead of the usual two, the buyer and the seller, the mortgage company or the bank becomes a third party to the transaction. The bank or the mortgage company has to approve the sale of the property and thereby agree to accept less than the amount due on its mortgage. Short sale transactions take much longer than the normal real estate transaction because banks and mortgage companies take a long time to make the decision whether or not they will approve the sale.

What is an Attorney Review?

An attorney review is a provision in a residential real estate contract that allows both the buyer and the seller to have the contract reviewed by an attorney before it becomes fully enforceable. The attorney review provision allows the attorney to review the contract during a three-day period. After the attorney has reviewed the contract and discussed it with his or her client, whether it be the buyer or the seller, the attorney can then send a letter approving or disapproving the contract. If it is not approved, the attorney can qualify the disapproval with a list of additional provisions that, if accepted by the other side, will allow the attorney to then approve the contract.

How Does a Realtor Get Paid?

The realtor is paid by the seller because the seller is the person who retains the real estate agent. The buyer’s real estate agent also gets paid by the seller at the time of closing. Generally, realtors get between five and six percent of the purchase price as their fee. It is referred to as a commission. The commission is not paid, however, until the transaction closes. If there is no sale, the realtor will not get paid.

Contact Cohn Lifland

Cohn Lifland takes great pride in providing excellent service to New Jersey residential and commercial real estate clients. We earnestly represent the interests of clients who need to refinance commercial and residential real estate. If you are buying, selling or refinancing a property, you should contact and retain an attorney with the experience and skill you deserve. We spend as much time as necessary to provide our clients with quality service. In the future, if you have any questions regarding your real estate matter, please do not hesitate to contact Cohn Lifland.

Contact:

Allen Susser

 

Cohn, Lifland, Pearlman, Herrmann and Knopf LLP
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