Real Estate (New Jersey)
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Assistance to purchasers or sellers during the New Jersey residential property attorney review process after a prospective purchaser has executed the contract for sale, the immediately-subsequent 3-day recission period (unless shortened or extended in the contract of sale), negotiating any requested amendments or qualifying language (such as certain fixtures and personal property that may be included in the sale, “as is” inspection language, use and occupancy allowing the seller to stay at the property after closing), providing review and input for any required tasks (asbestos testing, environmental inspections, home inspection, insect and vermin inspections, lead-based paint testing, pool inspections, radon testing, tank sweeps), preparation of an action letter to the seller (or responding to such action letter if representing the seller) requesting certain contingencies or repairs, negotiating purchase-price credits or escrow for requested repairs, preparation of any required addenda (such as if the property appraisal comes in at less than the agreed price and a price reduction needs to be documented), reviewing title issues (chain of title, encroachments, easements, flood zone and required flood insurance, judgements against the seller that must be satisfied prior to closing, liens or assessments, outstanding taxes, property survey inconsistencies, title binder), closing day issues (response to purchaser concerns after the walk-through, such as the cleanliness of the property – “broom-clean” – or the discovery of new damage), distribution of escrow post-closing, or accommodating either party’s withdrawal from the deal without penalty.
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Consultation regarding the complicated New Jersey Anti-Eviction Act (N.J.S.A. 2A:18-53 – 2A:18-84) strictly prohibiting landlord self-help evictions and requiring landlords to adhere to very specific conditions precedent and legal processes when attempting to evict a tenant and take possession of their own property.
Last updated 200721_2132