Frequently Asked Questions – Real Estate Law In New Jersey
Nitti & Nitti, P.C. provides legal services to clients involved in real estate disputes in Essex County, Morris County, Union County or anywhere else in New Jersey. Read this page to get answers to Frequently Asked Questions about New Jersey real estate law.
You can check out the Nitti & Nitti, P.C. real estate law FAQ section below to get answers to specific questions. You can also contact our firm directly by calling 973-852-3041.
How long does the process take to buy a home in New Jersey?
If you are looking to purchase a home in Livingston, Maplewood, Millburn, Florham Park or elsewhere in New Jersey, it is important to understand how long this process can take so that you are fully prepared. From contract to closing, it could take less than 30 days in some cases — depending on the type of mortgage being used and whether you are planning to pay in cash. Discuss your situation with our firm today to get a better idea of your specific timeline.
Do I really need a survey of the property?
While not technically required unless the lender requests it, it may still be a good idea to get a survey. This allows you to have a clear understanding of your property lines should any future disputes or issues arise.
What are the taxes involved in selling or buying real estate in New Jersey?
There are certain taxes that the seller and buyer may have to pay when involved in a real estate transaction. For example, a seller will be required to pay a transfer tax, depending on the exact sale price. Likewise, the buyer will be required to pay their own transfer tax should the property value exceed $1 million.
Does it matter if the home I’m interested in is heated by oil?
Yes, it does. This is especially true if the oil tank is underground. You should make sure to have the tank tested for any leaks and the soil tested around the tank location. In some cases, the soil or water table in such areas could be contaminated. This type of damage can be extremely expensive to remedy.
Do I have to accept a home ‘as is’?
There is a common misconception pushed by sellers that their home is being sold “as is” and that the buyer must simply accept it the way it comes. However, if the buyer has an inspection right in the contract, the “you buy it as is” statement isn’t necessarily true. While the seller isn’t required to make repairs that are mentioned in the buyer’s home inspection findings, the buyer does have the right to cancel the contract and get their deposit refunded should the seller not comply.
Is the closing date in the contract a real deadline to close?
Not technically. It is simply the anticipated date. The final date will only be made if one party serves a Time of the Essence demand setting the closing date. Typically, this notice should be provided to the other side at least 10 days prior to closing in order for it to be enforceable. If you need a specific date to be enforced, it is important to discuss this early on with the buyer/seller to ensure that you are both on the same page regarding the timeline. From there, you can take the necessary legal steps to enforce this date.
Do you have additional questions about New Jersey real estate matters? Contact Nitti & Nitti, P.C. at 973-852-3041 to get answers from an experienced Essex County real estate lawyer.