Buying a home

Westfield Real Estate Attorney Representing Purchasers of Real Estate

Representing New Jersey clients through buying a home

Buying real estate is one of the most significant events in a person’s life. The purchase of real estate is usually one of the largest investments a person can make. Finding the house of your dreams is just a piece of the puzzle. Before you get the keys, you will need to go through a few hoops that are best accomplished with an effective and experienced law firm. If you need an attorney to protect your rights and interests through the acquisition of your home, contact Joseph Gatchko, Esq.

The Real Estate Contract

A real estate contract is an agreement between the buyer and seller. Before signing a contract, the parties will negotiate terms that satisfy everyone’s needs. If successful, both parties will sign the contract, meaning that the seller has accepted the buyer’s offer. If a real estate agent drafted the contract, it is required to have a provision allowing for a 3-day attorney review, providing the time for each party to have an attorney review the document and protect their respective client’s rights and interests. If your real estate transaction does not include a real estate agent, it is in your best interests to have your attorney review the terms because, once you sign, the contract is binding.

The 3-day attorney review

The 3-day attorney review provision permits either party to terminate the transaction within 3 business days after the contract has been signed. The attorney review lets your attorney suggest changes to the contract that best suit your needs. Within these three days, there may be an exchange of revisions or modifications between the buyer and seller until each party is satisfied with the transaction or one or both parties decides to walk away. It ends with the signing of a final addendum, making the contract binding.

Home Inspection

Within the first few weeks of the contract, the buyer will hire a home inspector to assess the condition of the house. After completion, the buyer may ask for some issues to be addressed, including repairs on the property. The seller may not agree to the request and it is in your best interests to have an attorney’s support through the process to ensure that your rights and interests are met.

Mortgage Contingency

A mortgage contingency is a clause in the contract that voids the deal if the buyer cannot obtain the financial backing within a fixed period of time. Those that need financing to purchase a home will need to obtain a mortgage within a short time after the contract is signed. Though not all people need a mortgage, sometimes the whole process depends on it when the buyer need the financial support. If the buyer does not get approved for a mortgage, the transaction may be terminated. By this time in the process, the buyer has already acquired a pre-approval letter. Even so, there are many factors that can impact the buyer’s acquisition of a mortgage.

The Closing

The closing is the finish line of the whole transaction. By this time, all issues should have been addressed and all parties are ready to end the matter. The buyer has the right to conduct one last walk-through of the home to evaluate if anything has changed since the home inspector’s assessment. the closing documents will be signed, authorizing the transfer of funds and agreeing to the terms of the transaction. Sometimes, the parties are in the same room for the closing but there is no law that mandates parties be in the same place to sign the closing documents.

Contact a New Jersey Real Estate Attorney

Joseph Gachko, Esq. has over 30 years of experience guiding New Jersey clients through all real estate matters. If you are going to purchase a home, it is important to have an attorney that can represent your rights and interests through this complex undertaking. Contact our firm for a consultation today.