Congratulations! You are in the process of either buying or selling a house. If this is your first or fourth time being involved in a real estate transaction, you need someone like real estate attorney Jenna Casper Bloom how has experience handling these stressful but exciting situations.
Important parts of a real estate transaction
- Listing the House
- Accepting an Offer
- Signing the Contract
- Attorney Review
- Inspection Contingency
- Title Work
Buying & Selling Process in Flemington, New Jersey
1) Listing or Making an Offer
One of the first things that happens when you buy or sell a home is obviously listing it for sale or putting an offer on a house. Once an offer is accepted, then a contract is signed by both parties and you enter the attorney review period of the contract. This is where hiring an attorney becomes essential. Attorney Review is a three business day period where either side can terminate the contract and not have to give a reason. It also allows attorneys to make changes to the contract before it is finalized. This is one of the most stressful times in the real estate transaction process because the contract can be terminated at any point. This is why it is important you hire an attorney that is responsive and ends the attorney review period as quick as possible. Jenna Casper Bloom will ensure you completely understand the contract as well as end the attorney review period quickly.
2) Inspection Contingency
The next part of the real estate transaction involved the inspection contingency. The buyer has usually fourteen calendar days to inspect the house they are buying. If issues come up during inspection, the buyer can request that the seller fix the items or provide a credit so the buyer can fix them on their own. The seller can either agree to these items or not. If the seller chooses not to fix the items, then the buyer can potentially cancel the contract. This is the part of the real estate process where if the contract is going to be terminated, this is the most likely time that it will happen. It is important to work with an attorney who understands what reasonable requests are and how to respond to them
3) Title Work
Once you are through the inspection contingency, the next thing that would happen is the buyer would order title to the property. The attorney will choose what title company to work with. Title insurance guarantees that no one else has a lien on your property or no one else has an interest in your party that you were unaware of. Title Insurance is required for a real estate transaction. To find out more about title insurance, please visit https://ftnj.com/what-is-title-insurance/. This is provided by Foundation Title who Jenna Casper Bloom works with in all her real estate transactions.
The last major even when it comes to a real estate transaction is closing! This is where all documents are reviewed and signed and the house is officially yours or sold. Closing usually takes place at the title company’s office and usually last from one and a half to two and a half hours. This is where the mortgage documents are signed, the funds are dispersed from the sale, and the keys are officially turned over.
What else is important?
The buyer needs to make sure they are able to get a mortgage commitment. This is a lot of time and paperwork that the buyer needs to provide to a lender.
It is always recommended that a buyer gets a survey done. This will show whether there are any easements on property which gives someone, usually a utility company, access to your property. Jenna Casper Bloom had one example where a neighbor’s shed was completely on the buyer’s property. By ordering the survey, the buyer was able to have the seller force the neighbor to move the shed before closing.
Another issue the buyer could face is if there are open permits on the property. An open permit means the seller applied to have something fix, like a water heater, and then usually failed to have a final inspection done. This is an easy and cheap fix but it needs to be discovered before the house is sold or else it will become the buyer’s responsibility to fix the issue.
Before closing, the seller must complete documents that include a Deed, affidavit of title, and tax forms. Many of these need to be signed and notarized and they must be completed before closing happens. These documents are then overnighted to the title company.
Depending on what township you live in, some towns require a certificate of occupancy before closing. This requires an official from the town to inspect the property and make sure there are working smoke and carbon dioxide detectors as well as fire extinguishers on each floor. Even if the town does not require this to close, the mortgage company usually does.
The day of closing, the buyer will do a final walkthrough of the house to make sure inspections issues were fixed and nothing else has changed in the house. If there is an issue, then it needs to be fixed or negotiations need to happen before closing.
Once closing is completed, the title company will record the documents with the Clerk’s Office.
COVID-19 & Real Estate Transactions in Flemington, New Jersey
COVID-19 has impacted how real estate transactions are conducted, however it has not stopped them. When someone is looking at a house to buy, sometimes the agent will let them in but not go in the house themselves to prevent more people from interacting with each other. Inspectors are doing inspections when no one is home and are wearing masks and gloves. Additionally, some closings can take place outside or in vehicles. Additionally, many sellers are not attending closings and the buyer’s real estate agent or attorney might not attend closing as well to limit the number of people in one room.
Jenna Casper Bloom has over fourteen years of experience as an attorney and has handled numerous real estate transactions. She is responsive to your needs and is a strong negotiator to make sure you and your future home is protected.