Closing On Real Estate In New Jersey
Real estate is often the most valuable investment in a person’s life. Buying and selling real estate involves the law of real property, which is a niche area of law that raises special issues attorneys are best suited to resolve. There is often much at stake when dealing in real estate; as such, these negotiations often require the careful attention of a professional. If you seek to buy or sell residential or commercial real estate in New Jersey or New York, it is prudent to work with a knowledgeable real estate lawyer throughout the entire process.
An attorney should be present at the closing of a residential or commercial property deal. In legal terms, a real estate closing is called a settlement. The settlement typically occurs on the very last day of a real estate transaction and could include a closing on the purchase of property and a closing on a mortgage. If the property buyer also sells real estate, as in the case of a move, the buyer and his or her real estate closing lawyer must attend two closings, often in a short period.
Our Closing Attorneys Protect Your Interests Every Step of the Way
The New Jersey and New York real estate closing attorneys of Sandelands Eyet LLP help the parties involved negotiate the contract in attorney review, navigate the home inspection contingency, and in residential and commercial real estate transactions, analyze and understand the multitude of important documents that must be signed prior to and on the day of closing. In a residential real estate deal, some of these documents may include:
- HUD Form 1 or the Disclosure and Settlement Statement
- The Warranty Deed
- Proration Agreements
- Tax and Utility Receipts
- Name Affidavits
- Acknowledgement of Reports
- The Abstract of Title and Title Insurance Policy
- Truth in Lending Statements or Regulation “Z” Documents
- Monthly Payment Letter
- Mortgage Lien
- Promissory Note
Commercial Real Estate Closing Lawyers
Closing on commercial real estate is a more complex process than closing residential real estate. As such, entities rather than individuals usually complete these transactions. Holding entities accountable for real estate deals limits the liability to the businesses’ assets, rather than the assets of the individuals involved in the sale. Commercial real estate deals tend to take longer than residential deals.
Some of the important documents associated with a commercial real estate transaction may include, but are not limited to the following:
- Letter of Intent
- Contract of Sale or Lease
- The Abstract of Title and Title Insurance
- Acknowledgement of Reports
- Sale and Assignment of Service Contracts
- Alta Survey
- Non-foreign and Title Affidavits
- Bill of Sale
Consult With an Attorney
Individuals seeking to buy and sell commercial real estate should consult with an experienced commercial real estate closing lawyer throughout the process to thoroughly understand all the details of the transaction, avoid liability, and remove all contingencies before closing the sale.
At Sandelands Eyet LLP, we have decades of experience practicing New Jersey and New York real estate law. Our dedicated team of real estate closing lawyers is ready to advise on your deal. We handle transactions all over the state. Call (908) 470-1200 for a free consultation.