As it is well known, the purchase of a home is likely the most important investment you will ever make. While your realtor and mortgage broker play vital roles in finding and financing your new residence, your attorney will ultimately finalize the sale while ensuring that your best interests are always kept at the forefront of the transaction.
In New Jersey, once both buyer and seller execute a contract for sale of real property, each party has three days (not counting weekends or holidays) to have the contract reviewed by their respective counsel and subsequently canceled, if advisable, for a variety of reasons. Cancellation of the initial contract is common as it allows the attorneys to re-negotiate specific terms in the agreement; however, this usually does not include the purchase price.
As the matter progresses, your attorney will review the home inspector’s report, title search results, mortgage documents, sale documents such as the deed and affidavit of title as well as prepare closing papers such as the HUD-1. If any of the previously mentioned items presents an issue, it is up to your attorney to either negotiate a remedy or otherwise rectify the condition.
Given the above, choosing the right attorney is a crucial aspect to a successful home purchase.
*The above is intended for informational purposes only and does not constitute legal advice, legal counsel nor legal representation.