6 South Street, Suite 201
Morristown, New Jersey 07960
(973) 605.8800 tel
(973) 605.8020 fax
craig@gilgallon.net




Craig Gilgallon NJ Real Estate Lawyer

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 closing?
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
craig@gilgallon.net