Dedicated New Jersey Lawyer Guides Clients During Real Estate Closings
Meticulous firm prepares closing documents for buyers and sellers
The real estate closing process is the bridge between finding the house or piece of property that is right for you, and making it your home. At the Law Offices of James C. Zimmermann in Vernon, Wayne, Pompton Lakes, Hackensack and Nutley, we advise New Jersey buyers and sellers on every aspect of property closings. Our firm’s goal is to help you safeguard your interests and avoid unnecessary problems, so you can proceed with confidence.
Focused attorney looks out for clients’ interests in property transactions
Once the seller accepts the buyer’s offer, both parties sign a purchase agreement and the buyer provides a good faith deposit to the seller’s attorney or broker. If the 72-hour attorney review period concludes without either party requesting a revision or abandoning the deal altogether, the closing process, which includes the following elements, begins:
- Mortgage loan application — Upon reviewing a buyer’s mortgage loan application, the lender may complete a property assessment, propose terms of repayment and require the applicant to purchase insurance for the property.
- Title search — A title search is required to ensure that the seller legally owns the parcel at issue, and to determine if there are any claims or liens on the property that could affect the sale.
- Home inspection — Prior to closing, the buyer usually hires a home inspector to check the home’s condition thoroughly and determine if there are latent flaws that could affect the property’s value.
- Walkthroughs — A first walkthrough of the property is scheduled when the purchase agreement is signed, and a final walkthrough occurs immediately before closing.
- Preparing payments — The buyer will likely need to bring a cashier’s check, certified check or bank draft in an amount agreed-upon in the contract. Separate payments may be required for minor adjustments resulting from the final walkthrough, as well as for hazard insurance, mortgage loan charges, loan document preparation, a bank attorney fee, the property tax map and any necessary reimbursement for the seller’s prepaid property tax.
A seasoned real estate attorney can help you understand what to expect, what to ask and what to avoid as you traverse the closing process.
Attentive lawyer oversees document and payment exchange at final closing
Both the buyer and seller are typically present at the real estate closing, which might take place at the office of one party’s attorney. The procedure involves the signing of multiple legal documents, as well as the buyer’s payment of all necessary fees and expenses. As your legal counsel, our firm’s attorney will help you navigate any last-minute issues that arise and identify any potential areas of concern.
Contact an experienced New Jersey real estate closing attorney for a free initial consultation
The Law Offices of James C. Zimmermann represents buyers and sellers during New Jersey real estate closings. Our offices are in Vernon, Wayne, Pompton Lakes, Hackensack and Nutley. For a free consultation, call 973-764-1633 or contact us online.