Representing Sellers And Buyers In Real Estate Transactions
At the Law Offices of Stephen L. Klein, we have represented buyers and sellers in both residential and commercial real estate transactions for more than 20 years. We will make sure that the terms and provisions in your real estate purchase and sale agreement reflect your best interests. If you object to the terms of the contract, we will work to get modifications done quickly to keep the transaction moving. Once the agreement is approved by both parties, we oversee the deposit of the down payment into the seller’s trust account where it is held until closing.
Overseeing Inspections, Obtaining A Mortgage And Closing
Property inspections generally include the radon, termite and structural inspections. If the inspections reveal any issues, we will negotiate on your behalf to resolve them quickly and cost-effectively. If we are not able to agree on a resolution to the inspection issues, we will cancel the contract and the deposit monies will be returned to the buyer. Assuming inspection issues are resolved, the transaction proceeds.
The next step is for the buyer to obtain a mortgage commitment. Most agreements are contingent upon the buyer obtaining a mortgage. In the event that the buyer is unable to obtain the commitment within the agreed time in the contract or any extension, either party can normally cancel the contract. Once the buyer secures a mortgage, a title search is conducted to confirm that the title is marketable and insurable.
Once the title search is complete, the final step is for the parties to schedule a closing. After the buyer and seller agree on the amount due, the seller delivers the deed and required documents to conclude the closing of the title. Subsequently, the buyer receives a title policy.
Buying Or Selling A Property In New Jersey? Talk To Us. We Can Help.
If you need representation for a commercial or residential real estate transaction in New Jersey, contact the Law Offices of Stephen L. Klein by calling 201-941-3833 or by filling out our online contact form.