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劉正偉律师 Dewitt Liu
新泽西州华裔地产律师 New Jersey Real Estate Attorney
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Seller’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, we will typically draft the Contract. There is no Attorney Review period if the Contract is prepared by us – it will be binding upon execution by both parties.
Attorney Review
If a real estate agent is involved in the transaction, the Buyer will 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 Buyer’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 we review the Buyer’s attorney’s 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, the Buyer will deposit funds with the Realtor or with our office upon signing the Contract (usually a minimal amount, such as $1,000.00). The remainder of your Buyer’s deposit will be due per the Contract deadline date. We will advise you upon our receipt of same.
Due Diligence (if applicable)
If you’re selling a condominium or cooperative unit, the Buyer and their 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
The Buyer will have the right to a home inspection of the premises as provided for in the Contract of Sale. After the inspection is complete, their attorney will forward us a copy of the inspection report and advise us of any requests for repairs, credits, and/or concessions, if any.
Title Insurance
The Buyer’s attorney will order title insurance to meet the requirements of closing and/or the Buyer’s lender.
Mortgage and/or Equity Line (if applicable)
The Buyers will work with their mortgage lender to secure financing for the purchase of the property. Once their mortgage commitment is issued, their attorney will forward a copy of same to our office.
If you have an existing mortgage on the property, please obtain a mortgage payoff letter from your lender at least five (5) business days prior to closing.
Closing
While all parties in the transaction will work towards a closing of title to this property by the date specified in your Contract of Sale or as modified through Attorney Review, 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 (most likely in the Buyer’s attorney’s office) to finalize the closing of title. In some cases, you may not need to attend the closing in person. Instead, your attorney will execute the closing documents by Power of Attorney (additional fee may apply).
Please arrange with your Realtor or with the Buyer on physically handing over the keys, key fobs, garage door openers, etc. Be sure to also transfer utilities and order a final water reading (if applicable) before closing. Lastly, your Realtor will obtain any legally required certifications from the municipality, such as the continued certificate of occupancy, smoke detector/carbon monoxide detector certificate, etc. If you do not have a Realtor, you may need to obtain these certificates from the municipality yourself.
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.
Realtor commissions: The Seller generally pays for the commissions to each real estate agent involved in the transaction (if any) in accordance with the agreement previously entered into by the Seller to list and sell the home.
Realty transfer fee: The Seller is responsible to pay for the New Jersey State Realty Transfer Fee based on a percentage of the sale price. Please click here Realty transfer fee calculator for an online calculator to determine the amount of realty transfer fee you will pay at closing. If you are not a U.S. citizen or not a New Jersey resident, you may be subject to a tax withholding on the proceeds of the sale.
Adjustments: Taxes, utilities, water, sewer, and/or maintenance fees and other customary closing adjustments are often made at closing. For example, if the Seller has previously paid for the month or the quarter, the Buyer will reimburse the Seller on an equivalent pro rata basis. Likewise, if the Seller has not paid for those items for that billing period, the Seller will owe the reimbursement to the Buyer on a pro rata basis.
Quarterly taxes: If quarterly taxes are due within 60 days of closing (generally due 2/1, 5/1, 8/1, 11/1), it is likely that the Buyer’s lender will direct that they be paid at closing. A credit will issue to the Seller or the Buyer depending on when within the taxable quarter the closing takes place.
Attorney’s fee: As previously quoted and/or as set forth in the Retainer Agreement.
Recording fees: The following are approximate recording fees:
Discharge: $125.00 (if applicable)
Power of Attorney: $75.00 per (if applicable)
Condominium fees: If the property being sold is a condominium, you should reach out to the management company or condo association to obtain and finalize the necessary paperwork and/or payments to finalize the transfer of title to the Buyers.
Additional costs: Your transaction and the parties thereto, including the Buyer, their lender, their title insurance company, 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.
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New Jersey, Jersey City, Hoboken, Weehawken, Fort Lee, West New York, Edison, Summit, Short Hills, Millburn, Harrison, Springfield
New Jersey, Jersey City, Hoboken, Weehawken, Fort Lee, West New York, Edison, Summit, Short Hills, Millburn, Harrison, Springfield