劉律师 
新泽西州华裔地产律师  New Jersey Real Estate Attorney
NJ & NY Licensed Lawyer

Buyer’s Guide to Purchasing Residential Real Estate in New Jersey


Retainer Agreement
Prior to commencing work, we will require a signed Retainer Agreement and Intake Form to be received by our office. Please note that if there is a Realtor involved in your transaction, the Attorney Review period begins on the day that the last party executes the Contract of Sale and ends three business days thereafter unless otherwise agreed to or extended by the parties through their attorneys. Therefore, it’s important that you return a signed retainer agreement to us in a timely manner.

Contract of Sale
Once the Contract is signed by all parties (i.e. all Buyers and all Sellers), your Realtor or you should email or fax it to our office. At such time, we will review the Contract and begin the Attorney Review period. If there are no Realtors involved, the Seller’s attorney will typically draft the Contract. There is no Attorney Review period if the Contract is prepared by the Seller’s attorney – it will be binding upon execution by both parties.

Attorney Review
If a real estate agent is involved in the transaction, you have a right to Attorney Review. We will send an Attorney Review letter and/or Rider proposing any changes, clarifications, amendments, and/or modifications to the Contract of Sale to the Seller’s attorney. If you wish to add or remove any provisions to or from the Contract, we ask that you let us know at such time.
After the Seller’s attorney reviews our letter and/or Rider, there is generally a communication back and forth between the parties through their attorneys to finalize the details of the Contract and Attorney Review. At such time, the Attorney Review period will be deemed concluded and the contract deadlines will be in place.
We will then let you know what deadlines you should be aware of and how to meet them.

Down Payment / Deposit
Generally, you will deposit funds with your Realtor or the Seller’s attorney upon signing the Contract (usually a minimal amount, such as $1,000.00). The remainder of your deposit monies will be due per the Contract deadline date or date specified in a Rider. We will provide you with instructions as to where to send your check.

Due Diligence (for condominiums and cooperatives)
If you’re purchasing a condominium or cooperative unit, you and your attorney will have an opportunity to review the condominium association documents, such as the Public Offering Statement, Master Deed, Bylaws, financial statements, budget, and insurance policies (if available).

Home Inspection
You have the right to a home inspection of the premises as provided for in your Contract of Sale. Please advise us when you have scheduled your inspection and inform us of any issues which may arise. IMPORTANT: Please be mindful of the due date to complete your inspection and send your report(s) to the Seller’s attorney. Such date will be set forth in your Contract of Sale or any accompanying riders.

Title Insurance
Our office will order title insurance to meet the requirements of your lender.

Mortgage and/or Equity Line (if applicable)
You will work with your mortgage lender to secure financing for the purchase of the property. Please make sure to provide your lender in a timely manner everything they require so that your mortgage loan and/or equity line is ready to close on time.
Closing
While all parties in the transaction will work towards a closing of title to your new property by the date specified in your Contract of Sale or Rider, please note that most closing dates are “on or about” or “target” dates. You will meet with a representative of our firm or the title company at closing at a location to be determined to sign your loan documents (if applicable), finalize your closing of title, and receive the deed and keys from the Seller.
You will be required to wire the net funds needed to close before the actual time of closing. It is likely that your bank documents, funding, and final figures may not be available from your lender until the day before or the morning of your closing. Therefore, it is not uncommon for a buyer to wire the funds on the morning of the closing date. In some rare instances, certified checks may be accepted at closing in lieu of a wire transfer.

Closing Cost Estimates
While it is impossible to estimate all closing costs precisely and in advance, due to the variables in each transaction, please use the following as a guide of the charges to be expected for closing. You may also refer to the Good Faith Estimate (GFE) as provided to you by your mortgage lender.
Lender fees: Note that these costs can vary widely, e.g. $2,000.00 to $10,000.00 or more. Check with your lender, who should provide you with a Good Faith Estimate (GFE) prior to closing.
Prepaid taxes: If quarterly taxes are due within 60 days of closing (generally due 2/1, 5/1, 8/1, and 11/1), an escrow agent will likely be directed by your lender to pay them from the funds at closing. Estimate that you will pay approximately 4-6 months of taxes, including any prepayments, for your lender’s escrow account.
Insurance: Your lender may also require you to purchase a homeowners insurance policy. You will likely prepay at least one month of your insurance premium into your lender’s escrow account.
Title insurance: You will receive an owner’s policy for title insurance and your lender will require and receive a lender’s policy as well. These will be purchased together. Title insurance rates are regulated by the State of New Jersey. Therefore, all title companies must charge the same premium per any specific transaction. Please hold down “Ctrl” on your keyboard and click here for an online calculator that can provide you with an approximation of your title insurance fees. Also note that there are generally charges of approximately $400.00 - $500.00 for judgment searches, lien searches, endorsements and other documentation required by your lender.
Attorney’s fee: As previously quoted and/or as set forth in the Retainer Agreement.
Recording fees: The following are approximate recording fees:
Deed: $150.00
Mortgage: $350.00
Power of Attorney: $100.00 (if applicable)
Survey: Survey charges are approximately $500.00 - $800.00, as billed by the surveyor. If you elect to have corner markers set into your plot, the cost will be higher. If you are purchasing a condominium unit, a survey certificate (sometimes required by the title company and/or the lender) is approximately $250.00 - $400.00.
Additional costs: Your transaction and the parties thereto, including your lender, title insurance company, Seller, the Realtor(s), etc. may require overnight deliveries, hand deliveries, wire transfers (incoming or outgoing), certified checks, or bank checks. The sum total of these additional fees can be approximately $100.00 +/- but can vary depending on the specific needs for your transaction. However, keep in mind not all transactions will include such fees.
Condominium fees: If purchasing a condominium unit, the association may require several fees to be paid at closing, which can vary widely. You should anticipate prepaying at least one month of maintenance/common charges. You may also have to pay a capital contribution. A good rule of thumb is three months of maintenance for that fee. The association may also impose a transfer fee and/or move-in fee. You should contact the managing agent of the condominium association, your Realtor and/or the Seller to ascertain the exact amounts of these various condo fees.
Adjustments: Property taxes, maintenance charges (if applicable), and other customary closing adjustments are often made at closing. For example, if the Seller has previously paid for the month or the quarter in property taxes and/or maintenance charges, you will reimburse them on a pro rata basis. Likewise, if the Seller has not paid for those items for a billing period, the Seller will reimburse you on a pro rata basis.
Final amount: To determine how much money to bring to the closing, you may calculate as follows:
Sales Price – Deposit + Closing costs (+/–) Adjustments – Mortgage amount = Amount due at closing
Chinese speaking Realtor, mandarin speaking real estate agent, Chinese speaking loan officer, Chinese speaking real estate attorney,
New Jersey, Jersey City, Hoboken, Weehawken, Fort Lee, West New York, Edison, Summit, Short Hills, Millburn, Harrison, Springfield