Real Estate Transactions Frequently Asked Questions
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Do I need a real estate attorney to buy or sell a property in New Jersey?
While it is not legally required to hire an attorney to buy or sell a property in New Jersey, it is highly recommended. A real estate attorney can provide legal advice, ensure all necessary documents are properly prepared and executed, and protect your interests throughout the transaction.
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What is the process for closing a real estate transaction in New Jersey?
The process for closing a real estate transaction in New Jersey typically involves several steps, including a title search, a home inspection, the execution of a sales contract, and the transfer of funds and ownership. A real estate attorney can guide you through each step and ensure everything is done correctly.
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What is the role of a title company in a real estate transaction?
A title company is responsible for conducting a title search to ensure no liens or other encumbrances on the property could affect the sale. The title company also issues title insurance to protect the buyer and lender against any claims or defects in the title.
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Can I back out of a real estate contract in New Jersey?
Yes, you can back out of a real estate contract in New Jersey, but there may be legal consequences depending on the terms of the contract. It is important to consult with a real estate attorney before attempting to terminate an agreement.
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What is the difference between a mortgage and a deed of trust?
In New Jersey, a mortgage is a document that gives the lender a security interest in the property. At the same time, a deed of trust is a document that transfers legal title to a third-party trustee until the loan is paid off. The trustee holds the title as security for the lender and can foreclose on the property if the borrower defaults on the loan.
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