New Jersey does not have a law that requires a buyer to retain an attorney to represent them through their real estate transaction. However, due to the complexity of buying real estate, it may be a good idea to retain an attorney to guide you throughput the process. Although not an exhaustive list of all the tasks an attorney can assist you with, a real estate attorney can help you through:
Contract negotiations. These contract negotiations can come into play during the three-day attorney review period. During this period, the parties to the contract usually negotiate specific terms like credits, concessions, repairs, and whether or not any appliances will be left in the home.
Mortgage contingencies. Mortgage contingencies are items that must be completed by the buyer of the home prior to closing escrow. An attorney can help guide you through each item and help develop a timeline for how, when, and how long to complete those tasks.
Determining seller credits and concessions. An attorney can help you determine if you should have any credits or concessions for closing costs or due to repairs that the seller will not perform before closing.
Home appraisals. Home appraisals are necessary in order to close on the loan. If a mortgage appraisal comes back and the value of the home is lower than the contract price, it may affect the mortgage approval. This could mean that a buyer has to come up with extra cash or the buyer and seller have to negotiate a lower selling price.
If you are buying a home, you should consult with an experienced real estate attorney to help you through your home buying process.
Juan C. Velasco, Esq. is a trusted attorney for bankruptcy, real estate, and estate matters who has been serving the New Jersey area for 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.