Purchasing a home is generally the largest financial investment most people make. In recent years the real estate market has been a “sellers market” and prices have actually doubled and sometimes tripled in New Jersey . Due to this rising market and competition for homes it is particularly difficult for many buyers to find a home. When they do our job as attorneys is to make sure that they are protected against the pitfalls that they may encounter while respecting the business aspect of the transaction and their need to lock up the deal. A real estate purchase can be risky for a buyer because if they fail to perform under the contract and close the deal, they risk loosing their deposit money or even more depending on the contract that they sign. Further, many environmental or title problems can be costly if not discovered and could hamper their ability to enjoy or ultimately sell their new property.
That is why it is critical during the negotiation stages of the contract to adequately protect buyers with addition contractual provision not found in the broker’s contract. Buyers also need to be proactive to assure that they hire qualified professionals to properly inspect their new property and to be closely involved in working with a mortgage representative to obtain financing for their home. As attorneys we have been through this process thousands of times and can provide buyers with advice concerning all aspects of the transaction. In short, our job is to protect you and assist you throughout the transaction to a successful closing