The realtor is telling
us to sign the Contract before it is reviewed
by an attorney. Is this proper?
If this is a deal brought about by a realtor
(as opposed to a For Sale By Owner), then
it is okay for you to sign the Contract
first, since that is the way that an offer
is made in New Jersey. However, you must
make sure that the fully signed Contract
is immediately delivered or faxed to your
attorney. Remember, attorney review still
runs, whether or not the Contract has
been delivered to your attorney.
I signed the Contract during the
weekend, what should I do?
The attorney review period will not commence
until the next business day, so it is
perfectly fine to fax the Contract to
your attorney over the weekend, or first
thing Monday morning.
Who arranges for the home inspections
and what do we do with the results?
You are responsible for arranging for
the home inspections. Often, the realtors
will assist you in locating an inspector
and scheduling the inspections. Most contracts
provide that the inspections must be done
within 10-14 days following completion
of attorney review. You are responsible
for making sure that the inspections are
performed and that we receive a copy of
the inspection report promptly to discuss
any problems with the inspections.
What inspections should be ordered?
You should order a general structural
home inspection, a radon inspection, and
a wood boring insect inspection. Other
inspections that you should consider,
are inspections that pertain to asbestos,
mold, stucco, overhead electrical wires
and/or we also strongly suggest that you
order an underground oil tank sweep.
What do I do if there is a well
and/or septic system on the property?
If there's a septic system on the property
you should have it inspected. If there's
a well on the property, the parties will
have to comply with the recently enacted
Private Well Testing Act, N.J.S.A. 58:
12a-26 to 37. The law requires that certain
tests be performed but it does not state
which party pays for those tests. results.
Who orders the title search and
what is title?
Our law firm will order the title search
and the survey as soon as attorney review
is complete. It takes approximately two
weeks for the title search to be completed.
When title is received, it is reviewed
by our office for title issues, and then
submitted to your lender. Your lender
needs to approve the title before they
will clear you to close. Once you close,
you will have insured title to the property.
Title is ordered from an independent title
company, and we charge you the amount
that is charged to us by the title company.
Title insurance is regulated by law, so
that the cost of title insurance does
not change from company to company.
Who orders the survey and why
do we need a survey?
The survey is a like a map that shows
the placement of the dwelling relative
to the perimeter of the property lines.
Our law firm will order the survey together
with the title search once attorney review
is complete. Almost all lenders require
that a survey be drawn and submitted to
them for approval, prior to closing.
Who orders the appraisal?
The appraisal is ordered by the lender
and sets forth the market value of the
property. Generally the buyer is charged
a fee by the lender for the appraisal.
What do I need to bring to the
At the closing you will need to bring
a certified check, bank check, or cashier's
check payable to: "Craig Gilgallon
Attorney Trust Account". Personal
checks cannot be used at the closing.
You will be provided with the exact amount
of the check when the numbers are available
to us. It is also a good idea to bring
a few personal checks in the event minor
adjustments need to made between the parties
at closing. If you are married, bring
your spouse, or if you purchased the home
with a partner, you must both be present
at the closing.
Who will be at the closing and
how long will it take?
The closing will be attended by you and
your spouse or partner, and you will be
represented by an attorney from the Law
Firm of Craig S. Gilgallon. Often, the
realtors will also attend the closing.
A closing usually takes approximately
1 to 2 hours.
Where will the closing be held?
It is custom and practice in New Jersey,
and most Contracts provide, that the closing
will occur at the office of the Buyer's
attorney located at 6 South Street, Suite 201, Morristown, New Jersey 07960.
For More Information,
Contact us at:
The Law Firm of Pawar Gilgallon & Rudy, LLC
6 South Street, Suite 201
Morristown, New Jersey 07960
(973) 605.8800 tel
(973) 605.8020 fax