Buying A Home Or Other Real Estate? Here’s What You Need To Know About Hiring A New Jersey Real Estate Attorney To Protect Your Rights & Investment Along The Way!
Individuals in New Jersey and throughout the United States buy and sell homes on a nearly constant basis. Observing “for sale” signs as you drive through your town or city can alert you to the vibrant real estate market thriving in many states, including New Jersey; while the market may be slowing down, it isn’t stopping by any means. Many people assume that such a common activity does not always require the help of an attorney, but this assumption is incorrect.
Purchasing a home is not a simple endeavor that can be completed in a short amount of time, and it is a significant investment – probably one of the largest ones you will ever make. It’s also an emotional, exciting time that can be stressful. There are many decisions to make and much paperwork to sort through, but the end result is a place that you and your family and friends will share the best moments of life for years to come (or an investment property where others will do the same!). However, buying is not primarily emotional or financial but legal. It’s the legal transfer of a deed from one party to another. Because of this, it’s important to work with knowledgeable New Jersey real estate attorneys who can help you with every aspect of buying property and ensure the deal goes smoothly!
But what are these aspects involved in the transaction that a real estate attorney can help buyers with, and why is it smart to have one on your side?
How Real Estate Attorneys Assist Buyers
Real estate attorneys understand the legal issues associated with the purchase and sale of real property. Many real estate transactions involve complicated issues that arise as the buyer and seller negotiate the terms of the land sale contract. A real estate attorney can draft, explain, and negotiate the terms of a real estate contract. Also, a real estate attorney can analyze home inspection reports, interpret those reports, and alert the buyer to potential issues that may complicate the real estate transaction. An attorney can sometimes handle other parts of the purchase, such as conducting title searches, getting title insurance, and ensuring there are no claims or liens against the property. They can facilitate the transfer of funds and documentation. Above all, a real estate attorney protects the buyer’s interests.
In New Jersey, once a buyer signs a real estate contract, the buyer has three days for a real estate attorney to analyze the real estate contract and make any changes before the contract becomes legally binding. An attorney can analyze the contract to ensure that it is fair and accurate. After the review period ends, the buyer is subject to the terms of the contract.
The Benefits Of Retaining An Experienced Real Estate Attorney
One of the most important benefits that come with retaining an experienced real estate attorney is avoiding potential lawsuits. Home buyers who enter into bad real estate contracts may have to file a lawsuit to attempt to regain their costs. Unfortunately, litigation can take several years to resolve. Resolving a dispute without resorting to litigation saves buyers time and money, but the majority of buyers need the advice of a real estate attorney to recognize problems that may lead to litigation involving real estate transactions. Without the advice of a real estate attorney, some buyers may also unknowingly subject themselves to liability. It is important for clients to do everything they can to avoid potential lawsuits involving real estate transactions.
The consequences of not retaining a New Jersey real estate attorney can be severe, as the risks a buyer is exposed to during a real estate transaction are numerous. A real estate contract may contain missing clauses or incomplete terms. Some conditions in the real estate contract may be unconscionable. Also, some buyers may believe they are educated enough to handle their own real estate transactions, but many of these buyers do not know that language in the real estate contract can prevent the buyer from recovering his deposit if the real estate contract is canceled. If you have a more complex case, such as one that involves a short sale or zoning issues or a neighboring structure crossing over the property line, a real estate attorney can instruct you as to the best course of action and keep the process free of additional challenges!
Some buyers avoid hiring an attorney because they think it will make the closing more expensive, but the average cost to retain the services of a real estate attorney in New Jersey is much less than the tens of thousands of dollars in legal fees that could be incurred if a lawsuit arises.
Contact The Law Offices Of Patel & Cardenas To Schedule A Free Consultation
The New Jersey real estate attorneys at Patel & Cardenas understand how confusing it can be to anticipate every legal issue associated with real estate transactions. We want to help you experience less stress and anxiety when purchasing your home! We have more than five multilingual attorneys at the firm who are licensed to practice real estate law in both New Jersey and New York. Our diverse background in other areas of law, such as probate, estate planning, partition actions, bankruptcy, foreclosure defense, and more gives us a unique perspective and the ability to help you with matters that may overlap with these areas.
The team has more than three decades of experience working on cases involving real estate transactions. We also have a vast network of realtors, investors, and mortgage brokers that we can connect you with if you need additional assistance beyond legal guidance. We work with both residential and commercial buyers, and to date, we have served over 1,300 clients! Contact us today to schedule a free consultation.