Real Estate Purchases and Sales

Real Estate Purchases and Sales Services in New Jersey and New York.

For most people buying a home can be one of the most important financial and lifestyle-changing decisions that you make in your life. The past several years have seen many changes in the real estate market, including fluctuating prices, increased governmental regulation, and more stringent lending practices. If your New Jersey home purchase is not handled properly, the dream of home ownership can quickly become a nightmare.

With so much at stake, it is important to work with trusted and trained professionals, including realtors, mortgage lenders, mortgage brokers, and legal counsel. Such professionals should be knowledgeable with local practice, customs and laws to help guide you through the process and to help you avoid many of the pitfalls that could impact your transaction.

This guide seeks to provide you with an overview of the steps in a standard New Jersey real estate transaction. As you read through its contents, please contact us with any questions that you may have. 

Seven Steps to Buying a Home In New Jersey

1. DECIDING TO PURCHASE A HOME IN NJ

A prospective buyer must first determine where and what type of home they want to purchase and what they can afford. One of the first steps in this process is to contact a bank or mortgage broker to review your finances and provide you with a mortgage commitment or pre-approval letter. Real estate agents and sellers typically require this letter prior to showing you a home or accepting any purchase offer that you may wish to make so a seller can be sure that you are financially able to purchase a home.

2. USING A REAL ESTATE AGENT

Choosing your realtor can make a big difference on the outcome of your purchase. Buying a home in New Jersey may be the largest financial investment that you make in your lifetime, and it is critical that you are represented by a realtor that you can trust to act in your best interests and who also has the skills necessary to execute your wishes and best interests adequately. It is important that a prospective buyer know that a real estate broker or agent works for the seller of the home whom. As a buyer you can also privately engage a realtor to act as your agent so you can be assured that your agent has your best interests in mind when showing you a home or negotiating a purchase for you. A realtor will receive a commission on the sale of the home and, while negotiable, their combined compensation typically ranges from 2-6% of the purchase price and is paid by the seller when and if the transaction closes. When a buyer finds a home on which they wish to make an offer, the realtor-broker usually serves as an intermediary to negotiate the price and other items of the sale and typically in New Jersey the realtors will actually prepare a realtor standard form of contract for the buyer to sign as an offer, and for the seller to sign to accept the offer.

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Eight Steps to Buying a Home In New York

 

1. Deciding to Purchase a Home

   A prospective buyer must first determine where and what type of home they want to purchase and what they can afford.  One of the first steps in this process is to contact a bank or mortgage broker to review your finances and provide you with a mortgage commitment or pre-approval letter.  Real estate agents and sellers typically require this letter prior to showing you a home or accepting any purchase offer that you may wish to make so a seller can be sure that you are financially able to purchase a home. 

2. Using a Real Estate Agent

   It is important that prospective buyer know that a real estate broker or agent works for the seller of the home whom they have contracted to sell on their behalf.  You can privately engage a realtor to act as a buyer’s agent so you can be assured that your agent has your best interests in mind when showing you a home or negotiating a purchase for you. A realtor will receive a 
commission on the sale of the home and, while negotiable, their compensation typically 
ranges from 2-6% of the purchase price and is paid by the seller when and if the transaction 
closes. When a buyer finds a home on which they wish to make an offer, the realtor-broker 
usually serves as an intermediary to negotiate the price and other items of the sale.  At a 
minimum, from a buyer’s perspective, it is imperative that any purchase binders that a 
realtor encourages a buyer to sign be made “subject to attorney approval” or state that 
“this is not a contract for the sale of the property.”  At this time, a buyer should be provided with a New York State Property Condition Disclosure Statement under New York State law.  In most 
cases if this disclosure is not provided by the seller the seller must give a $500 credit to the buyer at closing.

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Purchase and Sales

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