You Have Questions
We have answers.
FOR BUYERS
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Within three (3) business days from when both buyer and seller sign the contract.
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An attorney needs to receive the contract within three (3) business days of both buyer and seller signing. After that, attorney review can take as long as it needs.
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You are allowed to cancel up to 72 hours after signing or during the attorney review period.
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A standard transaction takes 30-45 days.
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The deposit is held in a trust account of the seller or buyer’s attorney or the by the title company.
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You must make the deposit in accordance with the terms of the contract, usually there is a specific timeframe. Our office will advise you when the deposit is due.
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Standard home inspection and wood destroying insect inspection. Tank sweep and sewer line, if home is older. Radon, if there is a basement.
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In many cases, you can request an extension if needed.
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Surveys are always recommended for assistance in determining whether there are any encroachments on/off the property (i.e. confirmation you receive full, proper use of your property), and also good to have in case you intend to do any improvements, as you will need the survey to apply for permits.
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The closing date is “on or about” and no guarantees can be made that we will close on that date, until we get closer to the date. Ideally, you should have a moving company in mind, but not booked until we have scheduled the closing date.
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Our office will send you the final settlement statement, which will have all closing costs - fees, credits, adjustments on it. You will need to obtain one bank check or send a wire for one amount to the title company, and then all payments are dispersed by them.
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30 mins – 1 hour
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NEVER wire money without confirming the email and the instructions with the party who sent them to you.
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HOAs usually charge a one-time, non-refundable “capital contribution” (buy-in), and often want 2-3 months maintenance fees due at closing. Some charge a move-in/out fee. Some require an escrow. It varies. A statement will be ordered for you for closing, which will indicate the fees. Some HOAs use management companies who charge to receive this statement as well.
FOR SELLERS
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You may cancel up to 72 hours after signing or during the attorney review period.
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You should keep making mortgage, HOA, tax water/sewer payments until we close. All utilities should remain on at the property.
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Typically, anything related to structural issues, safety-related, environmental, defective mechanical systems.
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A standard transaction takes 30-45 days.
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We put the party on notice and you may elect to cancel the contract. You do not automatically receive their deposit, unless otherwise agreed.
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We will need certain information from you in order to prepare the sale documents needed to transfer title of the property. The Buyer’s title company will want to know any past marital history to make sure no one else has an interest in the home.
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It is highly recommended you visit your municipality’s website immediately after accepting an offer to determine if just a fire inspection is required, or you need a certificate of occupancy (CO) as well. The requirement for a CO varies by municipality, as does the requirement for passing of the inspection and issuance of the CO.
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As a seller, you do not need to attend the closing. All documents are pre-signed and the closing is completed by mail/email, and in most cases, the proceeds can be wired directly to you.
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All mortgages, liens, judgments will need to paid and satisfied at closing.
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Depending on the contract terms, in most “AS-IS” contracts, Buyers typically still have the right to inspections and to request repairs. You are not obligated to repair anything, but the Buyer may walk away.
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Legal fees, realtor commissions, realty transfer fee, back taxes/water/sewer, mortgage/lien payoffs, HOA fees, if applicable.
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A tax paid by every Seller to the State of New Jersey, based on sale price. Some sellers qualify for a reduced rate.
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The judgment will need to be paid at closing, as it could be a lien against the property.
