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Signing
The realtor has advised us to sign the Contract
before attorney review. Is this standard?
As long as you have been advised by the realtor (as
opposed to a For Sale by Owner), it is acceptable to
sign the Contract first. This is a way an offer is made
in New Jersey. Nevertheless, you must see to it that
the fully signed Contract is delivered or faxed to your
attorney without delay. Having signed the contract, attorney
review will still proceed regardless if the Contract
has or has not been delivered to your attorney.
Attorney
Review
I have signed the Contract on a weekend, will
this affect me?
The attorney review period will
not begin until the following business day, so it is
acceptable to fax or deliver the Contract to your attorney
over the weekend (if available) or the subsequent Monday
morning.
Inspections
Who arranges for home inspections? What is commonly
done with the results found?
The Buyer is responsible for arranging home inspections.
Frequently, assistance in finding an inspector and scheduling
the inspection date will be provided by a realtor. Most
contracts will recommend that inspections are completed
within 10-14 days following attorney review. We will
require a copy of the inspection report upon completion.
Any inspection issues must be relayed to us so that we
can alert an attorney regarding these issues within the
appropriate amount of time.
What inspections need to be performed?
A general structural home inspection, a radon inspection,
and a wood boring insect inspection are all mandatory.
However, inspections that apply to asbestos, mold, stucco
or overhead electrical wiring should be considered.
Although most lenders do not require inspections (with
an exception to the infestation inspection) they will
require an “Infestation Certificate” proving
absence of infestation in the home. This certificate
will need to be shown to the lender before your file
will be clear for closing.
An underground oil tank sweep is wise to determine if
there are any underground oil tanks on the property.
Many times, sellers will represent that there are no
tanks on the property, when contrary to the seller’s
knowledge there is in fact, a tank present.
The inspections are intended for your protection, not
the lenders’. Please keep in mind, upon closing,
the home is yours, and the Seller is no longer responsible
for the condition of the home hereafter.
What should be done if there is a well or a
septic system on the property?
If a septic system is present on the property it will
need to be inspected. The buyer is responsible for this
inspection. Due to the variety of types of septic inspections
available, you should most likely discuss these tests
with your home inspector.
If a well is present on the property, it will need to
adhere to the Private Well Testing Act, N.J.S.A. 58:
12a-26 to 37. The law requires that certain tests be
performed, however does not state which party is responsible
for payment of such tests. Typically, the Seller pays
for the cost. The tests are a bit extensive, therefore
should be ordered as soon as the contract is signed.
Test results are valid for one year from sampling date,
with an exception to coliform results, which are valid
for six months. A signed certificate that reflects that
both parties have received and reviewed the well test
results will be necessary upon closing.
Title
Search
What is title and who orders the title search?
Title is ordered from an independent title company,
and we only charge you the amount that is charged by
the title company. Title insurance is regulated by law,
which means the cost of title insurance will never vary
from company to company.
As soon as attorney review is completed, our law firm
will order the title search in addition to the survey.
It takes approximately two weeks for the title search
to be completed. When title is received, it is reviewed
by our office for errors, and then submitted to your
lender. Your lender will need to authorize the title
before clearance is granted for you to close. When you
close, the insured title to the property will belong
to you, however the actual title insurance policy will
not be issued for months after closing.
Survey
What is the survey? Who will order the survey?
Why do we need a survey?
The survey is a like a map that reflects the location
of the dwelling relative to the perimeter of the property
lines.
Our office will order title along with the title search,
once attorney review is complete. Lenders require that
a survey be illustrated and submitted to them for approval,
prior to the closing. In some cases, the lender may accept
an existing survey if it isn’t outdated and if
the Seller is able to provide an Affidavit stating that
no changes have been made to the property since the date
of the survey. If you opt to use an existing survey,
you need to inform us so that we do not order a new survey
for you.
Appraisal
What do I need to know about the appraisal and
how it is handled?
The appraisal will be ordered by the lender and advances
the market value of the property. The lender usually
charges the buyer a fee for the appraisal. We are not
provided with the appraisal in advance, nor is it typically
available at the closing. In order to receive a copy
of the written appraisal, most lenders will require a
letter within 90 days after the closing.
Closing
Concerns
What will I need at the closing?
Please bring a certified check, bank check, or cashier's
check. Personal checks will not be accepted at the closing.
You will be provided with the exact amount of the check
as soon as the numbers are available to us. Please make
checks payable to: "Martin D. Eagan Attorney Trust
Account".
Wire transfer funds are also accepted by our attorney
trust account. If you would like to wire transfer your
funds, please contact our office and we will provide
you with the appropriate instructions. All transfers
must be placed at least one day prior to closing date
to ensure receipt.
You will also need to bring proof of homeowner's insurance
(declaration page and receipt proving payment of one
year). In the unlikely event that minor adjustments need
to be made between parties at closing, it is wise to
bring a few personal checks.
If you are married or if you purchased the home with
a partner, you must both be present at the time of closing
and bring photo identification.
Closing
Who attends the closing and how long will it
last?
An attorney from the law firm Martin D. Eagan. will
join you and your spouse or partner at the closing. Generally,
a representative of the lender does not attend the closing
but will send all documentation by delivery or email.
The other party and their representing attorney will
also be present at the closing. However, on occasion,
a Seller may send an attorney as their legal representative
bearing pre-signed closing documents. Frequently, realtors
will also attend the closing. Typically, a closing will
take approximately 1 to 2 hours.
Closing
Location
Where will the closing be held?
In New Jersey, it is custom that the closing occurs
at the office of the Buyer's attorney. If you are purchasing
new construction, the closing occurs at the office of
the Builder's attorney. Refinances can often be done
at your home or office of your lender.
