Buying a home is a huge milestone in anybody’s life. Whether you are alone, settling in with a partner, or are already married with kids, the excitement of buying a new home is the same. Unfortunately, buying a home is not always easy, but with an experienced attorney by your side, you help ensure the process goes as smoothly as possible. If you are ready to purchase your new home, here are some of the questions you may have:
How do I start the process?
The first step in buying a home is signing a real estate contract. This is a binding agreement between you and the seller. You should note, however, that if there is a realtor involved, the contract must have a 3-day review provision. This provision gives each party and their corresponding attorneys a chance to review the terms of the contract. If something is amiss, one or both parties may terminate the agreement within the allotted time period. During this period, attorneys can suggest modifications and revisions as well. Once both parties agree, they may sign an amended contract, then a final addendum, making the contract binding. If there is no realtor in your case, you should always consult with an experienced attorney before signing a contract, as it will be binding and you need to ensure you are completely satisfied with your agreement.
What is a home inspection, and can it benefit me?
When you are purchasing a home, you will hire a professional to conduct a home inspection. This generally occurs within 10 days of the signing. While you will have to pay a home inspector, this process will generally save you money in the long run. For example, a home inspector can identify water problems, or any other issue that may need fixing. If he or she finds any underlying issues, you may request the seller to make the necessary repairs and fixes before you move in. Generally, the seller will either comply with your terms or seek to work out another deal. Unfortunately, the seller does not have to accept your terms. An attorney will take up the negotiating process from here, and will usually work out a better deal than the seller was originally willing to offer.
What is a mortgage contingency?
Unfortunately, just because you were pre-approved for a mortgage does not mean you are eligible, which is why you need to be sure. However, once approved, you should be ready to close on your house. As a buyer, it is your right to talk a final walk-through to ensure nothing has changed after the last inspection. You will then meet with your attorney to sign mortgage documents, and then all parties will meet for the transfer of title. The seller will then sign documents selling the home, and both parties will sign a closing statement. Once completed, keys are exchanged and you are officially a homeowner!
Contact our experienced New Jersey firm
Our firm proudly represents clients in New Jersey who are faced with matters of family law, criminal defense, business law, real estate law, or estate planning. If you require strong and dedicated representation for any of your legal matters, contact The Law Offices of George J. Mardinly to schedule a consultation.