Making Certain You Protect Your Investment
If you’re like most people, you’ll never make a bigger investment in anything than you will in your home. The purchase of real estate can be an extremely complex transaction, with extensive documents addressing a wide range of details. Here are some specific measures you can employ to help avoid potential pitfalls.
Hire an Experienced Lawyer
Real estate transactions are document-intensive and every little detail matters. Whether it’s the buy-sell agreement, the mortgage, financing instruments, title commitments, restrictive covenants, easements, or the closing statement, you want an experienced professional to meticulously check everything.
Make Certain the Seller Has Made All Necessary Disclosures
By law, the seller is required to provide you with information about the condition of the property, and, more specifically, regarding any known defects. As a general rule, you must be made aware of:
- The current condition of all contents, including appliances, that will be part of the transaction
- Any known defects or concerns with respect to plumbing, heating and cooling, electrical, sewer or drainage
- All known deed restrictions, including homeowners’ association covenants, rules or fees
- The status of all smoke detectors
Have All Appropriate Inspections Done
The seller may represent, verbally or in writing, that the premises are in good condition. It’s essential, though, that you get confirmation by having the premises inspected by professionals. That includes inspections for mold, pest infestation, structural integrity and soil settlement/erosion, as well as an examination of HVAC, electrical, plumbing and sewer systems.
Make Certain You Understand the Terms of Your Agreement
Take the time to read the buy-sell agreement and discuss it with your lawyer. If there are things you don’t understand, don’t sign anything until they have been effectively explained to you.
Contact Attorney Howard N. Sobel
At the office of Howard N. Sobel, we provide comprehensive residential real estate counsel to individuals throughout the state of New Jersey. Contact our office online or call us at 856-424-6400 to see if you qualify for a free initial consultation (on selected cases). Evening and weekend appointments can be arranged upon request. We accept all major credit cards.