Buying a home is one of the most exciting—and certainly one of the most expensive—decisions you will ever make. However, the home-buying process can be both arduous and exasperating, not to mention the fact that it can be fraught with risk. By virtue of being one of the biggest purchases most average families will ever make, there is a great deal at stake and a significant number of things can go wrong.
While many people turn to Realtors to help them purchase a home, most Americans do not realize that the services and guidance of a knowledgeable attorney can actually be a much more effective and convenient asset throughout the home-buying process. There are a number of ways attorneys can assist with residential real estate purchases, some of the most important of which we have detailed below.
If you’re a first-time homebuyer looking for a trusted New Jersey real estate lawyer, turn to The Matus Law Group. Our experienced team is ready to provide you with legal support for your residential real estate purchase, along with valuable first-time homebuyer tips. From contract review and negotiation to title searches and closing assistance, we have the skill to protect your interests. Call us today at (732) 281-0060 and let us guide you through the process of buying your dream home.
Address Legal Issues
Qualified real estate attorneys have a unique and in-depth knowledge of real estate law, where there is a high propensity for disputes and other legal issues. Things like title defects and other unforeseen home defects can turn your dream house into a nightmare. An attorney is the best-equipped person to handle any legal issues that arise in the home-buying process as they occur. Oftentimes, speed and efficiency are vital in effectively addressing residential real estate legal issues, and having an attorney on hand who is already familiar with your goals and the details of your transaction will give you the upper hand if anything goes wrong.
Conduct Title Search
The title search is an important part of most residential real estate transactions, and it is usually required by your mortgage lender. This process consists of a comprehensive search of records to ensure that there is no dispute over who actually owns the property and as a right to sell it, and to ensure there are no liens on the property. Title defects, if undiscovered, could cause you to lose your home after you’ve purchased it or lead to a major legal battle. A trusted attorney can conduct the title search for you and ensure your family and your purchase are protected.
Draft Contracts
Purchasing a home is a major legal and financial undertaking which will require a mountain of paperwork. Whatever you agree upon with the sellers should be memorialized in contract form to ensure that your agreements and expectations are legally enforceable. Creating strong and effective contracts is both an art and a science that should be left to experienced attorneys.
Negotiate
Do you want to ensure that you get the best deal possible for your home? Do you want the seller to take care of issues with the home before you purchase it, but you don’t like confrontation? Most lawyers are well-trained and quite experienced when it comes to negotiations, and they can work with the seller on your behalf in order to fulfill your home-buying goals and needs.
| Legal Assistance When Buying a Home | Tasks |
|---|---|
| Address Legal Issues | Handling disputes and legal issues that arise in the home-buying process |
| Conduct Title Search | Comprehensive search of records to ensure property ownership and absence of liens |
| Draft Contracts | Creating legally enforceable contracts to memorialize agreements |
| Negotiate | Working with the seller on your behalf to fulfill home-buying goals and needs |
How Much are Closing Costs in NJ?
Closing costs encompass all the expenses involved in the process of buying or selling a house. These fees include a wide range of items, including real estate broker commissions, credit checks, title searches, property appraisals, and various other costs associated with the sale of the home.
In New Jersey, the typical range for average closing costs usually spans from 2% to 3% of the total purchase price. Nevertheless, it is crucial to acknowledge that various factors can impact the overall sum of closing costs involved in purchasing or selling a property in New Jersey.
It’s worth emphasizing that closing costs are not considered as fees directly tied to the transfer of title. Instead, these costs are typically paid prior to the loan closing on a house in order to facilitate the transfer process. This distinction affects when and how these costs are paid.
The specific amount of closing costs can vary based on factors such as property taxes related to the purchase, homeowner’s insurance, and mortgage interest. Additionally, it is possible to establish in advance, through a contractual agreement, the respective contributions of the buyer and seller towards the closing costs. In general, both parties have their respective fees for which they are responsible.
When considering closing costs in New Jersey, it is crucial to remember that the actual expenses can vary depending on the unique circumstances of your transaction. To obtain a more accurate estimate tailored to your situation, it is preferable to consult with a New Jersey real estate lawyer. Reach out to The Matus Law Group today to schedule a consultation.
If you are interested in purchasing residential real estate, let a qualified real estate attorney guide you throughout the challenging process of making an offer and creating a purchase agreement, in order to ensure that the best interests of your family are protected no matter the circumstances. There is far too much at stake with a home purchase to risk leaving it to someone without specialized legal knowledge.
Contact the Matus Law Group today to learn more.
