Residential Real Estate Practice
Whether you are contemplating the sale or purchase of real estate in New Jersey, our real estate department stands ready to support you. We represent homeowners and builders alike in a variety of small and large residential real estate transactions. We understand that the real estate transaction is extremely important to you, and as such, we will act quickly to meet your objectives. To accomplish this, our firm engages in a proven four (4) stage approach that is designed to achieve the best possible results.
Stage I: Finalizing the Contract for Sale
The New Jersey Residential Contract for Sale includes a three (3) day attorney review period. This 3-day period begins on the date the contract is signed by both the buyer and seller. You do not count the day the contract is fully signed, nor do you count Saturdays, Sundays, or holidays. This 3-day window gives you -- either as the buyer or seller -- the opportunity to have an attorney review the contract for sale before it becomes legally binding. The Contract for Sale becomes legally binding upon the expiration of this 3-Day Attorney Review Period.
Our firm will work closely with you to understand your particular needs. Once those needs are targeted, we will negotiate aggressively during the attorney review period to obtain the most favorable contract terms.
Stage II: Inspection
After the contract is out of attorney review, the Buyer will order a home inspection. The home inspection stage is critical, particularly since the real estate transaction could be cancelled if the parties are unable to reach an agreement on necessary repairs and/or credits.
Whether you are a buyer or seller, our firm will assist in negotiating any necessary repairs, or credits, for defective items documented in the inspection report.
Stage III: Mortgage Commitment
The Contract may, or may not, included a mortgage contingency. If you are a buyer, our firm will work with your lender of choice to ensure that all of the necessary information is made available to clear the loan for closing. Our firm strives to answer your lender quickly to avoid any delays in processing the mortgage. This includes providing copies of the real estate contract, survey, title commitment, wiring instructions, and other necessary documentation.
Stage IV: Closing
If you are the Buyer, our firm will act as the "closing agent" for your lender. This means that we will obtain all of the lender's loan documents and present them to you for signature at closing. We will explain the terms of the loan to you, so that you are fully informed of the terms of the mortgage.
If you are the Seller, we will take care of preparing all of the necessary documents to convey title in the real estate transaction, including the deed, affidavits, powers of attorney, and 1099.
Realty Transfer Fee
For all New Jersey closings, the Seller is required to pay a “Realty Transfer Fee” to the State of New Jersey. The Realty Transfer Fee is based on a sliding scale percentage and based purely on the purchase price. This fee is mandatory and is paid when Deed is filed.
Certain classes of Sellers enjoy discounted realty transfer fees:
- Senior Citizens (62 years or over)
- Blind Persons
- Low and Moderate Income Housing
Mansion Tax
The so called “mansion tax” applies to all homes sold for $1M or more. It is based on 1% of the purchase price (so for example, $10,000 for a $1M home). Unlike the realty transfer fee, the “mansion tax” is paid by the Buyer.
Useful Real Estate Links
- Calculate Realty Transfer Fee
http://www.firstjerseytitle.com/realty.transfer.php - Search NJ Property Tax Records
http://appsext8.dos.state.ny.us/corp_public/corpsearch.entity_search_entry - N.J. Real Estate Commission
http://www.state.nj.us/dobi/division_rec/index.htm - EPA Mold Guide
http://www.epa.gov/iaq/molds/moldguide.html - Check Status of Real Estate Agent’s License
http://www.arello.com/ - Weichert
http://www.weichert.com/ - ReMax
http://www.remax.com/residential/index.htm - Coldwell Banker
http://coldwellbanker.com/ - Friedberg Properties
http://friedbergproperties.com/ - Century 21 Real Estate
http://www.century21.com
