The home selling process, step by step
Once you accept an offer, there is still a lot to do before you hand over the keys. Here is how a typical New Jersey home sale moves from signed contract to closing day, and where your real estate attorney protects you along the way.
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Attorney review
After the contract is signed, my office prepares suggested changes to protect your interests. Once you review and approve them, they are sent to the buyer's attorney, who makes changes on behalf of the buyer. When both sides reach a meeting of the minds (agreement on the terms), attorney review is complete.
Before attorney review ends, either party can cancel for any reason. That is why it is important to call Scott as soon as you sign.
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The buyer's home inspection
After attorney review ends, the buyer hires a home inspector to check the property for substantial defects. If the inspection finds substantial defects that you refuse to address, the buyer may cancel the contract. I help you weigh repairs against a credit so the sale stays on track.
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Getting ready for closing
While the buyer works on the mortgage, my office prepares the deed, orders the payoff of your existing mortgage, and helps you arrange the certifications your town requires for a sale, such as the smoke detector and carbon monoxide alarm certificate. The New Jersey realty transfer fee paid by sellers is calculated and handled at closing.
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Closing
The closing of title takes place at the office of the buyer's title company or at the new home. We come to you for the closing anywhere in New Jersey. First, the buyer signs the mortgage documents. You pre-sign all documents. Seller do not attend the closing. Then the money and keys are exchanged, your mortgage is paid off, and your proceeds are wired right to your bank account.
Buying your next home? See tips for buying a home in NJ. Selling a business property? Read about commercial real estate.