New Jersey law does not require the use of an attorney for real estate transactions. However, many state residents still decide to engage legal advice when buying or selling a home.
Review the common situations when a real estate attorney can assist with a New Jersey sale or purchase.
Purchase agreement review
The purchase agreement details the terms and conditions of the home transaction. In New Jersey, both the seller and buyer have just three days to seek attorney review of this agreement. After three days, the stated terms become legally binding. While a real estate agent can look at the contract and explain the terms, he or she cannot give legal advice.
Questions that require legal advice may arise during a rental property purchase. Examples include:
- Do I have to honor the agreement with the current tenants?
- How does financing work if I plan to rent out part of the home?
- What are my responsibilities as a landlord?
An attorney can also help structure purchases that involve rent-to-own agreements or sharing property ownership with someone other than your spouse.
Commercial real estate transactions
Generally, buying or selling commercial real estate carries complications that do not influence residential transactions. An attorney can advise buyers and sellers on commercial real estate issues such as rental agreements, structural concerns, the accuracy of contract terms and conditions, existing liens or easements, zoning issues, and potential environmental concerns.
Before hiring a New Jersey real estate attorney, ask for recommendations from trusted friends and colleagues. The person you choose should have experience in the relevant area.