What You Need To Know About Home Sales

Part of our role as your real estate attorney is to ensure that you have a full understanding of the steps involved in selling your home. Below, you can find a brief overview of everything that will happen from offer to closing. If you have any questions, please contact our firm at 732-639-1952 or 732-895-0109. We are available 24/7 to schedule a free initial consultation.

Step-By-Step Guide To Selling Your Home

Attorney Review: The purpose of the attorney review period is to give an opportunity for the parties to review the contract (the offer for purchase), make changes to the contract and allow a party to cancel the contract within that time period.

During the review, you can accept offers from other potential buyers. Please note if you are entering into a contract without any realtors there may not be an attorney review provision.

Closing Costs: Closing costs are understandably a large concern when selling your home. In addition to the transfer tax, if your home was listed by a realtor you must pay a commission to your realtor.

In New Jersey, if you are a resident of another state you may be required to pay an estimate of the taxes (or capital gains) due to the state of New Jersey. Usually this fee amounts to 2 percent of the sales price but can vary. Be advised that you may be required to pay the residency tax at closing, however, you should consult with your accountant to determine if sales tax is refundable after the fact. There may be some recording fees or miscellaneous fees due at closing. If you work with us, we can get more specific information from you to more accurately provide an idea of total closing costs.

Certificate of Occupancy: In nearly every sale of real estate in New Jersey a seller will be required to obtain what is called certificate of occupancy (CO). This is a certificate issued by your township or municipality certifying to potential buyers that your home is safe for habitability.

There are some townships and municipalities that do not require this, however. We have a list of every township in New Jersey and whether they require a certificate of occupancy.

You will be required to obtain a smoke detector/carbon monoxide detector certificate. Every township requires this. You will have to contact your local municipal office to schedule this inspection. Most townships will issue both the certificate of occupancy and the smoke certificate at the same time. Some townships do require separate inspections.

Back Title: You should go through your records immediately and locate copies of your DEED, your TITLE INSURANCE POLICY (OWNER'S POLICY) and a copy of your survey.

These documents may become necessary if we encounter title issues while under contract.

Sellers Information Sheet: You will be required to fill out a sellers information sheet once you go under contract.

We will need information regarding your mortgage payoffs, marital history, and potential liens on the property that are required to be paid off prior to closing, including, but not limited to, mortgage payoff information.

Closing of Title: The finalization of the sale/purchase is known as "closing of title." Closing of title will most likely take place at the buyer's attorney's office.

You do not have to personally attend the closing. If it makes it easier and more accommodating to you and your family, you have the option of signing your closing documents ahead of time or assigning the task to another person by executing a power of attorney.

We can have your proceeds available through wire transfer or attorney trust account check. If you choose not to attend the closing you must (prior to closing) provide us with contact information so that we can contact you during the closing to verify the final numbers to ensure accuracy.