NJ Home buying tips.
by: W. Les Hartman
Buying a home can be one of the more stressful events in your life. What seems like a simple idea – “Hey, I like that house, let’s buy it!” – can turn even the most level-headed among us into raving lunatics.
But we’re here to help.
“For starters, know this: You’re going to want a lawyer,” said KMHL partner and real estate law whiz Tim Kalavruzos. “And I don’t say that because I am a lawyer; I say that because the way the real estate laws in New Jersey work, not having a lawyer is putting you, the buyer, at a distinct disadvantage.”
The reasons why are plentiful, but the most important is the New Jersey standard of “attorney review,” a three day window after an offer is accepted in which either party can pull out of the deal for any reason.
And while it may seem all a lawyer is doing is looking over legalese, the fact is a good real estate lawyer is much more.
“We’ll not only deal with the seller, but also with the mortgage company, if need be,” Kalavruzos said. “We’ll also make sure you get what you want, and we’re here to tell you if there’s something you should be asking for. We’re here to help you understand the process and serve as your advocate.”
A good real estate lawyer will also make sure that “three day window” gets extended based on the results of a home inspection.
“If you enter into a contract to buy a home, are you still going to want it – or pay the price agreed upon – if it’s found out there is structural damage, plumbing issues, elevated radon?” Kalavruzos said. “Obviously, the answer is ‘no.’”
In addition to (very literally) helping you buy your home, your real estate lawyer will also handle the nuts and bolts, such as legal filings and property transfers.
All things considered, a good real estate lawyer, one you trust, ends up being firm shoulder to lean on during the home buying process.
“It can be difficult, from the moment you make an offer until the moment the keys are in your hand,” Kalavruzos said. “But we can certainly assist in making the process as pleasant as possible.”