Posternock Apell, PC

It’s likely your buyer will want to conduct a series of home inspections: pest, radon, carbon monoxide, and a general overview of the structure including HVAC, plumbing, electrical, foundation, etc. If the buyer’s inspection reports reveal problems with the property, your attorney can deal with the buyer’s attorney in negotiating ways to mitigate the issues. For example, if there is a termite problem, you may be asked to get an exterminator to take care of it. If there is a major roofing issue, you may be asked to make repairs or offer money at closing to cover the expenses of the repair. Our Moorestown business lawyers will handle these negotiations on your behalf, keeping in close communication with you every step of the process. It should be noted that you, as the seller, have the right to decline any requests made by the buyer. However, this may result in the buyer deciding to walk away from the deal.

If everything goes according to plan, the sale of your home will “close” or be completed on the date set forth in the sales contract. Many a closing date has been known to be postponed, for a variety of reasons. During the closing, you will sign many documents and your attorney will take care of making sure that paperwork is processed properly to make sure your current mortgage is paid off so, once the sale is complete, you are free of any obligation to the property. Closing Costs, often paid by the buyer (though this is often a point of negotiation), are the fees paid to complete the sale. Closing costs may include, but are not limited to, prepaid interest, loan points, title insurance and escrow fees.

Some people do continue to show their homes, hoping for a better offer. This is legal. However, it’s more likely that once a home is in attorney review, showings and marketing/promotion stop.

Once both the seller and buy sign the initial real estate contract, there is a three day waiting period during which terms can still be negotiated. Generally speaking, the initial contract is created by a realtor, but real estate attorneys representing both parties will review the contract during the waiting period. Each side can request and accept or deny terms. The Attorney Review period sometimes takes longer than three days; this is fine as long as both parties and their attorneys agree to the extended period. At the end of the review, once terms are accepted by both parties, the contract becomes valid. If terms cannot be agreed upon, the contract is terminated and any deposit monies are returned to the buyer.

Some towns do not require that sellers and buyers use real estate lawyers during the process. However, the seller’s attorney generally conducts the closing. Additionally, real estate law in NJ is quite complex. You need a lawyer with the knowledge and skills to complete a detailed title search to uncover liens and other deed-related issues that may impact the sale. Further, a real estate transaction involves countless important documents including: sales contract, mortgage paperwork, statement of settlement and deed documents, just to name a few. Those are the usual and customary pieces of paperwork. If there are challenges that arise during your deal, you need a lawyer who is by your side from the start – ready, willing and able to protect your rights.

Your realtor will take care of the initial contract. Once it’s signed by both parties, you need to find an experienced real estate attorney to protect your interests as the seller. Do not make the mistake of relying on your realtor’s “legal-like” advice. Only a real estate attorney can provide bonafide legal guidance. It's never a good idea to sign a binding contract without having a lawyer review it first.

A Section 1031 exchange is named after the Internal Revenue Code section in which it falls, and essentially provides a method for deferring taxes when you are disposing of one piece of real estate and then purchasing another. To successfully defer tax liability upon the exchange, an experienced residential and commercial real estate and land use lawyer will likely be necessary because these transactions are often complicated by a number of factors. In some cases, you may wish to sell one piece of real estate and are uncertain as to the exact piece of replacement property that you will acquire. The law allows us to create an arrangement to provide for a deferred exchange of real estate while maintaining the tax benefits of the transaction.

No; All “as is” means in most contexts is that the seller is not obligated to make requested repairs. A properly framed contract will provide the buyer with the right to make appropriate demands for repairs during the home inspection contingency period and with the right to cancel the contract without penalty if the seller refuses to make those repairs.

Real estate brokers and real estate lawyers perform very different roles throughout the transaction. Brokers are not usually lawyers, so cannot provide any legal advice with respect to issues that may arise throughout the process. Our residential and commercial real estate and land use lawyers are here to represent your interests in every aspect of the transaction, including in situations where disputes arise and legal action may become necessary. We will also review your contract and explain any legal issues that you may need to be aware of, and we can draft riders to address any necessary issues.

Our office is located at 400 North Church Street, #250, Moorestown, NJ 08057