Real Estate Lawyer

Buying or selling a home is a complicated undertaking. Real estate transactions are multilayered, and rife with potential pitfalls for the uninitiated.

Fortunately, there are experts who can help you handle the nuances of a residential real estate transaction. For some buyers or sellers of residential real estate, a real estate attorney can be a huge asset. But what exactly is the role of a lawyer in a residential real estate transaction? By gaining a clearer understanding of what a lawyer may do in a residential real estate transaction in New Jersey, you can be better prepared to select the right legal representation for your unique needs.

Attorney’s duties can be comprehensive or narrowly focused based on client needs.

When a house is changing hands, the buyer, the seller or both may retain an attorney to represent their interests. There is no “one size fits all” recipe for legal representation in a residential real estate transaction in New Jersey; the scope of a real estate lawyer’s role can be as broad or as limited as the client wishes. That being said, there are a number of issues that are often handled by a lawyer.

One of the chief duties of a lawyer in a residential real estate transaction is to review, and if necessary, prepare, a number of relevant documents. For example, any agreement the client makes with a real estate agent, the purchase agreement and all closing documents may be examined by an attorney.

Title documents are also an extremely important item that may fall within the purview of a real estate attorney. Your attorney will be able to review evidence of title to ensure that the title to the home is “clean,” in other words, free from easements, leans and similar encumbrances. A real estate attorney can also plan as to how title will be transferred, and, if representing the buyer, can acquire title insurance to guard against title defects.

Finally, a real estate attorney can set up payment, facilitating the transfer of funds from a bank or some other source. Remember, the general duties above are only some of the most common tasks handled by attorneys in residential real estate deals; you may ask your attorney to do more as required.

Considering buying or selling a home? Learn more from a real estate attorney

For most people, the sale or purchase of residential real estate is one of the largest transactions they will ever be involved with. Considering the high stakes, it is very important to get the right help, particularly for those buyers or sellers who are new to real estate transactions or are entering a new geographic region.

Owners of existing homes will often seek new financing to replace their mortgage financing for purposes of obtaining a lower interest rate, obtaining cash equity out of their home or lowering their monthly payment. Refinancing can be a great financial move if it reduces your mortgage payment, shortens the term of your loan or helps you build equity more quickly. When used carefully, it can also be a valuable tool in getting your debt under control. A refinance will replace your existing first mortgage. Many lenders offer second mortgages or home equity loans that generally complement a first mortgage. It is recommended that at all times an attorney to review any transaction that may result in a lien being placed on your home.