CALL FOR A CONSULTATION
Experienced Cherry Hill, NJ Real Estate Lawyer Answers Buyers’ FAQs
Whether it’s your first home, a vacation home or an investment property you plan to rent out, buying a house is a process that is filled with emotions and “what-if” scenarios. In most cases, real estate is someone’s most valuable asset. If you choose well and take care of the property, real estate can provide money for retirement or even be a legacy for your children. It almost goes without saying that you should never enter into a real estate contract without asking the right questions and, perhaps more importantly, choosing a skilled real estate lawyer who will protect your interests.
Joel R. Spivack, Esq. has been protecting the rights of real estate buyers in Cherry Hill, Moorestown, Marlton, Mt. Laurel and throughout Camden and Burlington counties in NJ for more than two decades. He is extremely knowledgeable about zoning laws and has the foresight to stay ahead of the curve when it comes to challenging real estate situations. If you are looking to buy a short sale or foreclosure, he can help you. He knows the real estate process can be frustrating and even overwhelming at times. He will work tirelessly to make sure that your family gets to the closing table ready to begin your new life in your new home.
There are many questions savvy buyers ask all the time. Mr. Spivack answers several here; if you have others, please contact his office right away for a consultation.
Do I Need a Buyer’s Attorney?
Your realtor has been with you through the house hunt and you trust their instincts, right? Great. Please understand that while your real estate agent is likely the best at his or her job, they are not a real estate lawyer. By law, they can’t advise you on real estate law. For legal advice, you need a lawyer. Real estate law is very complex and it’s possible for unscrupulous home sellers to take advantage of people who don’t know real estate law. Having an attorney like Mr. Spivack review your contract and negotiate on your behalf gives you the best chance at a seamless transaction. Further, if something does go awry, Mr. Spivack will be by your side protecting your financial interests.
What Happens During Attorney Review?
Once the preliminary real estate contract is signed by the buyer and seller, the document is reviewed by attorneys for both parties. Generally the attorney review takes three days, however it can be shorter or longer as long as both attorneys agree to sign off on the contracts.
During the attorney review, negotiations take place between the two parties – guided by the attorneys. Perhaps, as the buyer, you want the seller to leave the washer and dryer or you want them to replace a cracked toilet. Your attorney will make the request on your behalf. The seller has the option of agreeing to your request, declining it or making a counter offer. This process goes on during the review period until both sides are ready to be officially “under contract.”
I’m a First Time Buyer! What Do I Need to Know?
Obviously, one of the most important things you need to know as a buyer is that you will be able to pay for the real estate you are hoping to purchase. Most realtors will make sure you are pre-qualified for a loan before they even take you house hunting. Further, you will need to be able to qualify for a mortgage.
Joel R. Spivack Esq. has guided many first-time homebuyers through the process. He understands that you may be as nervous as you are excited. He will make sure you are well-informed and will protect your rights. He will demand full disclosure from the sellers about any issues with the deed or title as well as the property itself. If any repairs are needed, he will negotiate on your behalf to save you money.
What Happens if there is a Problem with the Title?
Without an experienced real estate lawyer, a property lien, a title problem or any other transaction-related paperwork could spell disaster for the entire deal. Mr. Spivack has saved many deals from going under because he has the foresight to look ahead and tend to any issues before they before major challenges. You can rely on his experienced and knowledge to review all your paperwork and make sure you are protected throughout the transaction.
If, however, a problem arises and you decide to walk away from the deal, Mr. Spivack will work tirelessly to make sure you are able to recover as much money (if not all funds) you spent on the transaction to date. He will even represent you in a lawsuit related to the real estate deal if necessary.
Can the Seller Be Made to Pay for any Needed Repairs Noted in the Inspections?
As a buyer, you will want to review the seller’s disclosure to learn about any issues that have taken place in the house. Old termite problems, basement floods, etc. must be reported to would-be buyers in good faith. Further, buyers should conduct inspections of the property and building to uncover any other costly maintenance issues.
When you hire an experienced real estate inspector, they will go over the home in detail and will note any repairs that need to be done. Buyers can then request the seller to make the repairs or contribute financially toward the repairs. These negotiations will be handled by Mr. Spivack and the seller’s real estate lawyer.
Which Closing Costs are Associated with Buying a Home in New Jersey?
Closing costs generally refer to the fees for getting a mortgage. Since it’s the buyer who takes out the home loan, it’s the buyer who pays the fees. Closing costs can include: credit report fee, loan origination and underwriting fees, charges for any inspections that weren’t paid privately, any “points” (discount on the mortgage rate), appraisal and survey fees, title search and insurance, money put into escrow to cover private mortgage insurance (PMI) and property taxes. Your real estate attorney’s fee is also considered a cost to be paid at the closing table.
A typical closing cost package runs about two to five percent of the price of the real estate. You will receive a good faith estimate prior to closing from your lender. However, be advised this is only an estimate.
When Can the Buyer Ask the Seller to Pay Some or All of the Closing Costs?
The answer is: all the time. The buyer can ask for anything from the seller. The seller doesn’t have to agree to paying any of the costs, however. Negotiations over closing costs take place during the attorney review. Talk to Mr. Spivack about the best way to approach the seller about covering some or all of the closing costs.
What Happens at the Closing Table?
Before the closing begins, the buyers and their real estate agent will do a walk-through of the property to make sure the items specified to be left remain in the home and that there is no damage to the walls, floors, etc.
The actual transaction, which takes place at one of the attorney’s offices or at the title company’s location (details to be determined by the lawyers) involves a litany of paperwork requiring many signatures. It’s a complicated process behind the scenes and Mr. Spivack will tend to all the details. At the end of the meeting, however, after you exchange checks and keys, you will be the happy owner of a new piece of property.
Mr. Spivack will tend to all the paperwork details following the closing, making sure that all documents are filed properly.
Contact Cherry Hill, NJ Real Estate Lawyer Joel R. Spivack Esq. for Skilled Representation at the Closing Table
When it comes to buying or selling a home, there is no such thing as a silly question. Contact Mr. Spivack today for information and experienced guidance throughout your real estate transaction.