There are many steps to take when you are purchasing a home, and it is very likely that you will have questions or concerns with each step you take. We have outlined information in order to answer some questions you might have have if you are a Buyer and to help your transaction proceed smoothly. We are always here to help you with each of your requirements, so do not hesitate to call this office at anytime. For our services, we charge a flat legal fee plus costs to overnight mail and record documents. UNLIKE MOST OTHER LAW FIRMS, HOWEVER, THERE IS NO LEGAL FEE IF YOUR DEAL DOES NOT CLOSE!
After your contract to purchase becomes effective, it is your responsibility to arrange for an inspection of the home, including a radon and termite inspection, and if applicable, well water, septic and lead paint inspections. These inspections generally MUST be completed within ten days from the time all parties agree to a final contract and attorney review is finished.
Also, it is your responsibility to obtain a mortgage commitment from the lender with whom you are working. The mortgage commitment is due by the date set forth in attorney review. Once the mortgage commitment is issued, you must review it and immediately take care of any conditions which must be satisfied by you prior to closing.
Prior to closing, it will be necessary for you to arrange for homeowner’s insurance in accordance with your lending institution’s instructions. You will have to obtain an original policy naming your lending institution as the first mortgagee, together with a receipt showing payment of the first year’s premium. Your lender will outline specific instructions in this regard around the time you receive your mortgage commitment.
On or before closing day your bank or lender will provide closing figures, and with these figures we will provide you how much money you will need to bring for your purchase. Your closing funds must be brought to the closing in the form of a certified or bank check. In accordance with the New Jersey Supreme Court Rules governing closings, personal checks cannot be accepted. Therefore, we must have your cooperation with this regard.
Also, on the day of the closing you would conduct a “walk-through” at the property. This gives you an opportunity to review the condition of the property; to test its systems and appliances and to confirm that the repairs you requested after the inspections were in fact completed.
Please be aware that the closing date in your contract is not necessarily the date this transaction will close, therefore, please do not confirm any moving arrangements until you verify the date with this office.
Should you have any questions or concerns, please do not hesitate to contact us. We look forward to helping you with this important matter.