Why you need a Jersey City Real Estate Lawyer
If you are about to buy or sell the largest asset that you may ever own, you need to make sure your rights are protected. A Jersey City Real Estate Attorney will:
- Answer all of you questions
- Provide you with advice based on previously sales we have worked on
- Work out all problems with the other side’s attorney
- We will negotiate the sales price if you ask and negotiate repair costs
- Guide you through the whole process
- Work closely with lenders to ensure all of their requirements are met
- Coordinate with brokers
- Set the closing date
- Tell you how much to bring to the closing if you are the buyer
- Order the title and title insurance if you are the buyer
- Ensure that any title issues are fixed prior to closing
Our Legal Fees: Our Jersey City real estate law firm usually charges $1,500.00 for representing a buyer and $1500.00 for a seller. We charge $500 at the time we are engaged for attorney review and $1000 more at closing. This is normally a $1500 flat fee for a real estate closing.
Most real estate attorneys in New Jersey are also in this price range. Beware of any firm that says they charge $495 for a closing. Many times there are hidden fees, like $350 wire fee, or $1000 document preparation or $2000 for title review. See this sample of a Hud. My firm charged $750 when signed and another $750 at closing, while the attorney on the other side charged $495 at signing and $3300 in additional fees at closing. If you are price shopping make sure to get a sample Hud from the attorney to see all of their fees.
We may charge more if there are complicated issues such as the home being in bankruptcy, or working with the bank on a short sale. We will sign a retainer with you that locks in our price and we will not play the game of “Hidden Fees.” As an example, beware of any attorney who want to charge escrow fees on a closing so that any time he cashes a check or receives a check he wants to charge you $150 or more to wire the money to another bank. Actual wire fees should be at cost, not a profit generator for the attorney.
Four things every buyer of Real Estate in Jersey City needs to know
- “As Is”: New Jersey Real Estate law does not really mean “as is” is “as is” and that’s that. The buyers will usually not be stuck if one of the home’s major systems doesn’t work. If the buyer takes possession of the home, and the furnace shuts melts down a day later, the seller may be required to fix the issue. The seller has an obligation to disclose any “hidden defects” that he or she is aware of. This does not mean that a home inspection is not needed. A buyer should always get a home inspection.
- Home Inspection: When you buy a house, there are hundreds of items that can be wrong. If you buy or sell a house in Jersey City, New Jersey, it might be over 100 years old. In 100 years it is possible for a home to pick up many problems that only a trained professional will find. Home inspectors are the best bargain in the purchase process for buyers.
- Attorney Review Period: This is a 3 day period in which buyers and sellers can have their contracts reviewed by a real estate attorney in New Jersey. This period is from the date of signature of the buyer and seller, not when the attorneys actually get the contract. Once the attorneys begin review this period can be extended if issues are found with the sales contract.
- Things that can kill a sale: In New Jersey, it’s customary that all real estate contracts are contingent on the buyers getting their mortgage, home inspections not finding major issues and a clear title on the property. However, there are issues that complicate a sale: buried oil tank, a basement that floods, tenants, liens, etc. Using an experienced real estate attorney that has experience with these issues and ensures that things that you never thought could be an issue are covered.
If you need a recommendation for a realtor, we work with many Realtors who we would love to meet you.