Buying, selling, financing, developing, or transferring real estate can raise legal and financial issues that may be difficult to resolve after a transaction is underway. A New Jersey real estate attorney can help you through this process by reviewing contracts and property documents, addressing title or disclosure concerns, and advising you about your rights and obligations.
Ellis Law represents individuals and businesses in residential and commercial real estate matters involving New Jersey property.
How Can a Real Estate Attorney Help With a Property Transaction?
During a real estate transaction, the parties may need to agree on the purchase price, deadlines, contingencies, financing terms, inspection rights, title issues, and closing obligations.
Depending on the transaction, Ellis Law may assist with the following:
- Reviewing and preparing agreements of sale.
- Reviewing purchase and financing documents.
- Addressing title concerns.
- Preparing or reviewing deeds and related documents.
- Reviewing easements, restrictions, and other property interests.
- Resolving disagreements over transaction terms.
- Addressing issues that arise before closing.
- Advising clients about property transfers and ownership questions.
Reviewing these issues early in the transaction can help you identify potential disputes or unexpected obligations before closing.
Residential Real Estate Matters
The legal obligations involved in selling a home may continue through closing and, in some cases, afterward. Ellis Law assists buyers and sellers with residential real estate transactions, including first-time home purchases, sales of existing homes, investment-property acquisitions, and transfers between parties.
Your qualified legal counsel can review your agreement of sale, explain any contingencies and deadlines, address your title concerns, and review the documents you need to transfer ownership.
New Jersey also has a distinctive attorney-review process for certain residential real estate contracts. When a contract of sale is prepared by a real estate licensee, the contract must include an attorney-review clause. Buyers and sellers generally have three business days after delivery of the fully signed contract to consult an attorney, who may propose revisions or disapprove the contract during that period.
What Must New Jersey Home Sellers Disclose?
New Jersey’s Seller’s Property Condition Disclosure Statement provides that a seller has an obligation to disclose known material defects affecting the property, even when a particular defect is not specifically addressed in the disclosure form.
The disclosure statement addresses numerous property conditions, which may include matters involving the following:
- Roofs and basements
- Structural conditions
- Plumbing and electrical systems
- Water and sewage systems
- Pests
- Environmental conditions
- Property boundaries
- Homeowners associations
- Legal issues affecting title or use of the property
- Flood history and flood risk
New Jersey also imposes specific flood-disclosure requirements. As of March 20, 2024, every seller of real property must disclose certain information concerning known and potential flood risks before the purchaser becomes obligated under a property purchase contract. The required information includes whether the property is located in certain FEMA-designated flood hazard areas and the seller’s actual knowledge concerning the property’s flood history or risks.
Whether a particular condition must be disclosed can depend on the property and circumstances of the transaction. An attorney can review those circumstances and advise you about how New Jersey law may apply.
Commercial Real Estate Transactions
Commercial real estate transactions may involve purchasers, sellers, landlords, tenants, investors, developers, lenders, and business owners. Contract terms can affect not only ownership, but also financing, development, occupancy, and use of the property.
Ellis Law assists with commercial real estate matters involving the following:
- Purchases and sales
- Commercial agreements
- Financing
- Property development
- Land acquisition
- Ownership and title issues
- Contract review and negotiation
- Property transfers
Reviewing transaction documents before they are signed can help you identify obligations, restrictions, and potential areas of disagreement before closing.
Real Estate Financing
Financing can determine whether a residential or commercial transaction proceeds and when it can close, as well as the parties’ contractual rights if funding is delayed or unavailable.
At Ellis Law, we can help you review transaction documents and explain provisions involving financing, deadlines, closing requirements, and ownership.
Deeds, Title, and Property Transfers
A deed transfers an ownership interest in real property. Errors in a deed or unresolved title issues can interfere with a transfer or create disputes over ownership.
Common issues include the following:
- Prior ownership interests
- Easements
- Liens
- Boundary disputes
- Deed restrictions
- Errors in property records
- Questions about how ownership should be held
Ellis Law reviews deeds and other property records and assists clients with legal issues involving ownership and transfer.
New Jersey also imposes a Realty Transfer Fee on many transfers of real property. The New Jersey Division of Taxation states that the fee generally applies when a deed conveying title to New Jersey real property is recorded and is calculated based on the consideration stated in the deed or, in some circumstances, the assessed value of the property. The seller is generally responsible for the fee, although exemptions and reduced rates may apply to certain transactions.
New Jersey also imposes a supplemental Graduated Percent Fee on certain real estate transfers involving consideration exceeding $1 million. The applicable percentage depends on the amount of consideration and the classification of the property involved.
Real Estate Agreements and Contract Issues
Real estate agreements establish each party’s responsibilities, deadlines, and rights if a condition of the transaction is not satisfied.
An attorney may assist with agreements involving the following:
- Property purchases and sales
- Financing
- Property access
- Easements
- Land use
- Development
- Commercial property
- Other ownership or transaction-related arrangements
When a dispute arises, the written agreement is often the starting point for determining the parties’ rights and available options.
Subdivisions and Land Development
Subdividing or developing property can raise issues that do not arise in a routine sale of an existing property. Boundaries, access, proposed uses, zoning, municipal requirements, agreements, and ownership interests may all affect a project.
New Jersey’s Municipal Land Use Law provides the statutory framework for municipal regulation of matters that include subdivisions, site plans, zoning, and development.
Ellis Law represents property owners and other clients in subdivision and development-related real estate matters.
When Should You Contact a New Jersey Real Estate Attorney?
It can be useful to speak with an attorney before signing documents or making commitments that may affect property rights. In New Jersey residential transactions involving contracts prepared by real estate licensees, the attorney-review period also creates an important early opportunity for legal review.
Consider seeking legal advice if any of the following apply to you:
- You are buying or selling residential or commercial property.
- You have entered into or are considering an agreement of sale.
- You are within the attorney-review period for a residential transaction.
- A title issue has been identified.
- You need a deed or other property document prepared or reviewed.
- You are purchasing property for investment or business purposes.
- You are considering a subdivision or development project.
- A dispute has developed over a real estate agreement.
- You have questions about disclosures, flood risks, easements, restrictions, or ownership interests.
- An unexpected legal issue may delay or disrupt a transaction.
The appropriate course depends on the property, documents, parties, and circumstances involved.
Frequently Asked Questions: Real Estate in New Jersey
Do I need a real estate attorney when buying a home in New Jersey?
Not always, but New Jersey residential contracts prepared by real estate licensees generally include a three-business-day attorney-review period. An attorney can review the contract, recommend changes, or disapprove it.
What does a New Jersey real estate attorney do for a seller?
A real estate attorney can review transaction documents, explain contractual obligations, address title issues, and assist with attorney review and closing. An attorney can also advise sellers about required property disclosures.
Can Ellis Law handle commercial real estate matters?
Yes. Ellis Law handles residential and commercial real estate matters, including transactions, financing, agreements, and subdivisions.
Does New Jersey charge a real estate transfer fee?
Yes. New Jersey generally charges a Realty Transfer Fee when real property is transferred. The seller typically pays the fee, although exemptions and reduced rates may apply.
When should I have a New Jersey real estate contract reviewed by an attorney?
As soon as possible. When applicable, New Jersey’s attorney-review period generally lasts three business days after delivery of the fully signed contract.
New Jersey Real Estate Lawyers at Ellis Law Provide Peace of Mind
If you need your real estate questions answered, our New Jersey real estate lawyers at Ellis Law can help. Our experienced legal team represents clients in residential and commercial real estate matters. We advise clients before transactions, during contract review and negotiation, and when legal issues arise before closing or during a property dispute. Call us at 732-308-0200 or fill out our online contact form to discuss your real estate matter and determine your next steps. With offices in New Jersey and New York, we proudly serve clients throughout both states.
