The purchase of a house is probably the largest and most expensive purchase that you will ever make. Therefore, it is extremely important that it be handled with the utmost care. Over the past 21 years, attorney Jeffrey Walters has handled hundreds of real estate purchases and sales for both Buyers and Sellers throughout the entire state of New Jersey. He is experienced with both “North Jersey style” and “South Jersey style” closing procedures. In the past 21 years he has seen it all, from the smoothest transactions to the ones fraught with problems. In all cases, his experience and dedication to his clients has allowed him to protect his clients’ interests throughout the purchase and sale process. Jeff Walters is a real estate attorney who has not only helped his clients keep their stress level to a minimum, but he has also saved them quite a bit of money with his thoroughness and attention to detail.
A real estate transaction is not particularly complicated. However, there are literally hundreds of issues to deal with and keep track of during the process from contract to closing. A real estate lawyer who has conducted hundreds of real estate transactions has the expertise and experience to identify and deal with these issues so that your interests are protected. The legal fee to have an attorney represent you is relatively modest, and well worth it for all of the protections you will receive by having an experienced attorney represent you. When you ask Jeff Walters to represent you with your home purchase or sale, you will have the confidence of knowing that he is looking out for you from the very start. From the time you sign the Contract, through your home inspection, and finally, at the closing table. At closing, he will be sitting by your side, thoroughly reviewing and explaining all of your documents, and spotting issues which need to be corrected and addressed to protect your interests.
1. Sign Real Estate Contract. The Buyer and Seller sign a Contract, typically prepared by a real estate agent. The Buyer gives an initial deposit.
2. Attorney Review. The three day attorney review period begins when the fully signed Contract is delivered to both parties. Both parties then have three days to have the Contract reviewed by their own attorney.
3. Call Us to Review. You should immediately call Jeff Walters to review your Contract. The Contract is legally binding upon signing, but is subject to your right to have an attorney propose revisions or cancel the Contract on your behalf during the three day attorney review period. Under the attorney review clause, only an attorney may cancel the Contract on your behalf. Attorney Jeff Walters will thoroughly and carefully review the Contract to protect your rights. Both the Buyer and the Seller have the opportunity to either accept, disapprove, or amend the contract. If amended, the parties agree on final terms, or if they cannot agree, the deposit is returned.
4. Home Inspection. During the next 15 days, the Buyer has a home inspection performed. Some of the things inspected for include:
If the inspections reveal defects, the parties will try to resolve the issues through their attorneys. If they cannot resolve the home inspection issues, then the Contract can be canceled and the deposit returned. This is another reason why it is very important to have an experienced attorney review your Contract from the beginning. Both a Buyer and a Seller risk a very unhappy result if the home inspection clause does not protect their rights.
5. Apply for Mortgage. After the home inspection is completed and any issues addressed, the Buyer applies for mortgage loan. The Buyer is usually approved or rejected within 30 days. If the Buyer cannot obtain a mortgage, then the parties may cancel the Contract pursuant to a special clause called a “mortgage contingency clause,” and the Buyer’s deposit is returned.
6. Title Inspection. The Buyer’s attorney obtains a title search, tax search and judgment search. The attorney will insure that there are no liens on the property, or restrictions which unreasonably limit the normal use of the property. The Buyer’s attorney will also assist the Buyer in obtaining a survey. The survey is intended to insure that the lot size and dimensions are in accordance with what the parties agreed upon, that all setbacks are appropriate and not in violation of any ordinances, and that there are no encroachments over property lines.
7. Certificate of Occupancy. If the municipality where the property is located requires a certificate of occupancy as a condition of sale, the Seller obtains the certificate. In addition, under New Jersey law, the Seller must obtain a smoke detector certification from the municipality in order to sell the property.
8. Attend Settlement. Both the Buyer and the Seller attend the “real estate closing,” also known as the “real estate settlement.” This usually takes place at the office of the Buyer’s attorney or at the title company.
9. Sign Documents. At the settlement, the Buyer’s attorney reviews all of the loan documents with the Buyer and makes sure that the Buyer’s interests are protected. The Seller’s attorney protects the interests of the Seller and prepares documents such as a Deed and Affidavit of Title. Frequently, issues arise at the settlement table, and the attorneys assist with negotiating and resolving those issues. The Seller delivers a Deed to the Buyer which conveys title to the property. Finally, the Buyer tenders the purchase price. This concludes the transaction.
10. Time to celebrate!
As soon as the real estate agent gives you the fully signed Contract, call us. Attorney Jeff Walters will speak with you on the phone. You or your real estate agent will then be able to fax the Contract to our office. Attorney Jeff Walters will review it thoroughly, and then speak with you to discuss any suggested changes to protect your rights.
Because your real estate transaction is probably the largest purchase or sale you will make in your lifetime, it is important to have the advice and counsel of a qualified and experienced real estate lawyer. Have attorney Jeffrey Walters by your side. For further information, call us at (856) 552-1045.
Call us as soon as the real estate agent gives you the fully signed Contract. That is when the attorney review period begins. Attorney Jeff Walters will speak with you on the phone. You or your real estate agent will then be able to fax the Contract to our office. Attorney Jeff Walters will review it thoroughly, and then speak with you to discuss any suggested changes to protect your rights.
Because your real estate transaction is probably the largest purchase or sale you will make in your lifetime, it is important to have the advice and counsel of a qualified and experienced real estate attorney. Have attorney Jeff Walters by your side. For further information, call us at (856) 552-1045.
Serving the communities of Audubon, Audubon Park, Barrington, Bellmawr, Berlin, Brooklawn, Camden, Cherry Hill, Chesilhurst, Clementon, Collingswood, Gibbsboro, Gloucester, Haddon, Haddon Heights, Haddonfield, Hi-Nella, Laurel Springs, Lawnside, Lindenwold, Magnolia, Merchantville, Mt. Ephraim, Mount Ephraim, Oaklyn, Pennsauken, Pine Hill, Pine Valley, Runnemede, Somerdale, Stratford, Tavistock, Voorhees, Waterford, Winslow, Sicklerville, Woodlynne, Bass River, Beverly, Bordentown, Burlington, Chesterfield, Cinnaminson, Delanco, Delran, Eastampton, Edgewater Park, Evesham, Marlton, Fieldsboro, Florence, Hainesport, Lumberton, Mansfield, Maple Shade, Medford, Medford Lakes, Moorestown, Mt. Holly, Mount Holly, Mt. Laurel, Mount Laurel, New Hanover, North Hanover, Palmyra, Pemberton, Riverside, Riverton, Shamong, Southampton, Springfield, Tabernacle, Washington, Westampton, Willingboro, Woodland, Wrightstown, Camden County, Burlington County, Gloucester County, Mercer County, Trenton, Princeton, West Windsor.