Selling your home is an involved process that affects your family and your future. Before you begin this process, you'll want to ensure that you have the most up-to-date information. When should you sell? How do you get the best price? What kinds of renovations should be made prior to the sale? The answers to these questions are best answered by a professional realtor.
Once you have a buyer for your home and the contract is signed, it is time to contact a qualified real estate attorney to handle your interest in the sale. As with a purchase it is important to inform your attorney of the following:
- CONTRACT TERMS
As a matter of New Jersey law, we have only three (3) days from the date the contract is signed and delivered to all parties to negotiate changes. If you believe there are any special requirements, it is important to bring them to the attorneys attention. In addition to a closing date, please advise them of any special terms. Typically, this would address special appliances, fixtures, chandeliers, etc. which will be included or excluded from the sale. This part of the transaction is known as Attorney Review. - CLOSING DATE
If you have any special requirements on a closing date, it is important to let your attorney know early in the transaction. Closing dates are difficult to guarantee. Although your contract states a closing date, the actual closing date will depend upon, among other things, a) when the Lender approves you to close, b) when you sell your current home or are able to terminate your current lease, c) and, most significantly, when your Seller is able to move to their new residence. Likewise, you should avoid moving into a home that you do not yet own. The problem of having the Buyer dependant on selling his or her own home often creates a domino effect. One delay by any party can negatively impact several other transactions. This is an unavoidable reality. - INSPECTIONS AND REPORTS
Your contract permits your Buyer to undertake or waive many types of inspections. You should immediately work with your realtor to schedule the inspections. - BANK/LENDER REQUIREMENTS
Your contract may have a mortgage contingency. If your Buyer has not already applied for a mortgage, he or she should do so immediately. - MISCELLANEOUS:
If you have an outstanding mortgage(s) or home equity loan(s), you must have your current bank send your attorney a mortgage pay off statement for your existing mortgage.You should also supply the following to your attorney:
- Copy of current deed;
- Copy of current title insurance policy; and
- Most recent survey.
- FINAL INSPECTION AND WALK THROUGH
In addition to everything else that you have to do on the day of closing, please schedule a time to allow the Buyer to inspect the house before your closing. I strongly urge all my clients to conduct this final inspection and walk through the property with the Buyer on the morning of the closing. The Buyer has this right in the contract. The purpose of the walk through is not to nit-pick on minor items. The Buyer simply wants to inspect the premises and make certain that no major structural problems have arisen since the last inspection. Please do not enter into any discussion or debate with the Buyer; simply make a note of his or her comments and bring them to you attorneys attention. Whether you are purchasing your first home or selling an existing home and buying a new home for your growing family, the Law Office of Jonathan Stone is here to assist you with this important transaction.
