Many states require homeowners or their buyers to hire an attorney to oversee residential real estate transactions such as closings — for good reason. Yet, New Jersey isn’t one of those states.
Why, then, should you have an attorney involved in your real estate deal whether you’re a buyer or a seller?
What are the benefits associated with a lawyer’s representation in a real estate transaction?
Lawyers serve an integral role in the real estate transaction process, from start to finish.
Attorneys can help clients looking to buy real estate by reviewing the representation agreements that realtors may ask them to sign. They can also help clients draft a purchase contract or negotiate their owner-financed real estate transaction.
Real estate lawyers can also review purchase agreements to ensure that they include any requested buyer or seller contingencies before either party signs such a contract. Your attorney can also serve as an escrow agent, safekeeping earnest money that a buyer initially puts up. The lawyer can also perform the necessary title search, help with liens or land rights issues, verify funding, and any post-transaction legal actions a buyer may need to take.
An attorney can also prepare the closing statement, get it to all interested parties to review within statutory guidelines and make any necessary changes before the closing date. They can also serve as a resource for any questions any parties may have. A real estate attorney can then file any necessary paperwork to lenders and record the deed’s transfer with the appropriate county.
When you’re making a transaction of this value, it’s not a wise time to take chances
New Jersey real estate transactions involve the transfer of significant responsibilities and funds. Don’t take any chances in this process. Let a real estate law attorney guide you through buying or selling your Union home so that you can rest confident in knowing that you did everything right.