SELLING YOUR HOME
I. Attorney Review of the Contract
The seller and buyer must both sign a Contract. I have three days to object to the Contract and add or delete any terms I believe necessary to protect your interests. You must be readily available during that three-day period. I may request an extension of the three-day attorney review period so that we have time to discuss your sale and fully review the Contract.
II. Home Inspection
Once the attorneys have agreed on the form of Contract we will be “out of attorney review.” The Buyer will be entitled to inspect the premises for any damage or problems with the structure or land that they were not able to observe initially. The Buyer may hire a professional inspector for this purpose who will render a full report. We will negotiate these points and you or the Buyer will have an opportunity to reject the Contract if an agreement cannot be reached. You will need to be available to provide the inspector access to your home.
III. Title Search
The purchase of new property requires a Title Search. The Buyer will be required to obtain such title search. If you have back title and survey, that is beneficial to the Buyer and you should provide that to me immediately.
IV. Certificate of Occupancy
You are responsible to ensure that a Certificate of Occupancy is issued for the premises. In certain towns a smoke detector certification and water well certification will be required. These requirements vary in each municipality but essentially this is your responsibility. If you have done any work on the premises without a permit you may be required to obtain such permit prior to Sale. We will coordinate with you and your realtor, if applicable, to obtain the necessary documentation.
V. Holding of Deposit Sums
Deposit sums can be held in my trust account until the time of Sale.
VI. Preparation of Closing Documents
I will prepare a Deed, Affidavit of Title, 1099 Tax Statement, Seller’s Residency Certificate and other necessary closing documents on your behalf. You will need to sign these documents in my presence at the time of the sale.
VII. Closing Costs
Costs associated with the sale of a Home in New Jersey include but are not limited to realtor fees, recording fees of the release of mortgage, Certificate of Occupancy, Smoke Detector and, if applicable, Water Well certification fees, and the the realty transfer fee. Every Seller of real property in New Jersey must pay a Realty Transfer Fee which is a percentage of the sale price of the home. Realty transfer fees are collected on the recording of deeds. Our link provides the exact fee based on the sale price of your home. Note there is a different rate for seniors and certain other individuals.
VIII. Contact Information
You must provide me with all contact telephone numbers, including work and cell, so that I can reach you at any time. You must return my phone calls as soon as possible so that I can represent you in this Sale. I will provide you with all contact information and I always return phone calls. You will have a Seller’s disclosure statement, or we will provide one to you. It is important you complete that document in full as it requests information we will need to prepare closing documents.
IX. Mortgage Information
Your current mortgage will be paid off at the closing. You must provide me with the Name of your Mortgage Company(s), names of institutions holding additional mortgages, home equity loans or other liens, all contact persons at all mortgage companies and banks, including telephone and fax numbers, and all account numbers. We will provide you with a worksheet to obtain all necessary information.
X. The Settlement Statement, or HUD
Every residential real estate transaction will require a Housing and Urban Development (HUD) Settlement Statement at closing. This is essentially a ledger and balance sheet of the transaction. Costs, expenses and fees are all indicated on the two pages for both the buyer and seller. Please see our Settlement Statement link for an explanation of the HUD, with a blank form for your perusal.
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