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Residential Real Estate

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729 Highway 34
Matawan, NJ 07747
(732) 583-7288
(732) 583-7790
randyeisen@randyeisenlaw.com

Welcome

Purchasing A Property

Buying a home or purchasing investment property is an important event that can at times be challenging and even overwhelming. It is the attorney's role to make the experience as easy as possible, as well as to protect your interests throughout. The following is a brief overview of the process that highlights the major steps involved:

Within three business days after the signing of the contract, you will have the opportunity to have an attorney review the contract to assure that your interests in the purchase are protected. During this attorney review period, the attorneys for the Buyer and Seller discuss and negotiate any changes that may be needed in the contract. After all changes are approved, the attorney review period ends, and the contract becomes final. Between the end of the review period and the closing, a number of important steps occur. Within two weeks from the end of attorney review, home inspections are performed on the property to ensure that the property is in proper condition. Issues that arise in the inspection reports are often resolved as part of a negotiation between the parties. At the same time and continuing after inspections, the process of procuring a mortgage takes place. Also after inspections a title search is ordered and often times a survey as well. The title company conducts a search of county, court, and municipal records to assure that no prior claims, unsatisfied judgments, or municipal liens exist on the property. Any title issues that arise are then addressed.

Prior to the closing, the mortgage documents are reviewed and completed, so that they are ready for you to sign on the day of the closing. On the day of closing, the mortgage funds, as well as your check for the balance, closing costs and adjustments are deposited in a trust account and from this source of funds checks are issued to cover the balance due to the seller, the amount necessary to cancel the seller's mortgage and all of your closing costs and adjustments. The mortgage documents are signed and then a closing statement is signed by all parties, itemizing all of the costs associated with your purchase. After that takes place, the seller transfers the deed of title to you along with an affidavit of title, stating that you are receiving the title free and clear. Finally, the deed and mortgage are sent for recording to the county clerk's office and the mortgage package is delivered to the lender. A couple weeks after the closing the recorded Deed is forwarded to you and at some point after that a final title policy is issued and forwarded to you as well.

Selling A Property

Selling a home or investment property is a significant transfer of a major asset and needs to be handled with the upmost care. It is the attorney's role to make the experience as easy as possible, as well as to protect your interests throughout. The following is a brief overview of the process that highlights the major steps involved:

Within three business days after the signing of the contract for the sale of your property, you will have the opportunity to have an attorney review the contract to assure that your interests in the sale are protected. During this attorney review period, the attorneys for Seller and Buyer discuss and negotiate any changes that may be needed in the contract. After all changes are approved, the attorney review period ends, and the contract becomes final. The Buyer will then have inspections performed on the property including a structural inspection and a termite inspection and a second deposit will be collected and held in trust. Any inspection issues that arise are negotiated. The buyer then applies for a mortgage and ultimately a mortgage commitment is issued by a certain date. The buyer then conducts a title search to assure that no prior claims, unsatisfied judgments, or municipal liens exist on the property. Any potential problems revealed by the title search are addressed. This process assures that you can legally sell your property free of any claims.

Prior to the closing, the Deed, Affidavit of Title and related documents are prepared, to be signed prior to or at closing. Sellers are not required to attend closing. The buyer's attorney prepares a closing statement, itemizing all of the costs associated with your sale, including any amounts that must be deducted from your final sale proceeds. These include the real estate brokerage fee, a recording fee for the cancellation of your mortgage, the New Jersey Real Estate Transfer Fee, the attorney fee, and any unpaid mortgage amounts, property taxes, and utility charges. At the closing, all parties sign this statement and the deed is transferred along with the other documents. Finally, the closing proceeds are received.

Refinancing A Property

Since mortgage rates have fallen to their lowest level in years many people have decided to refinance their properties. As in the case with a sale or purchase of a property, it is advisable to consult with an attorney during the refinance process, to assure that you are properly protected, and to help ensure a smooth and efficient transaction. The following is a brief overview of the process that highlights the major steps involved:

After a refinance mortgage commitment is received, a title search is ordered. The title company conducts a search of county, court, and municipal records to assure that no prior claims, unsatisfied judgments, or municipal liens exist on the property. An title issues are then resolved.

Prior to the closing, the mortgage documents are reviewed and completed so that they are ready for you to sign. On the day of closing, the mortgage proceeds are received into trust along with your check for any additional payoff balance or closing costs which are not being financed. The mortgage documents are signed along with a closing statement itemizing all of the costs associated with your refinance.

For a refinance, federal law requires a three day recission period. During these three days you have the option of canceling the refinance without any penalty to you. After the three day period is over, and assuming you have not chosen to cancel the refinance, checks are issued from trust to cover all of your closing costs, and the amount necessary to cancel your former mortgage. In addition, you are issued a check for any amount of cash out if applicable. Finally, the new mortgage is recorded in the county clerk's office, funds are sent for the cancellation of the current mortgage(s) and the mortgage package is delivered to the lender. At some point after that a final title policy is issued to the lender.