Real Estate Lawyer New Jersey
Real Estate Lawyer NJ Free Consultation, click or call (201) 944-9200. Buying or selling a property is one of the biggest decisions you will make in your lifetime.
Whether you are buying, selling, financing or leasing, our firm can be an invaluable resource. The Khorozian Law Group offers representation to those involved in complex real estate transactions and has extensive experience handling real estate litigation matters such as residential housing issues, home improvement disputes, or housing code violations. We also represent individuals and companies in connection with the following:
- purchase and sales of businesses and real estate
- commercial/residential leases
- property management agreements
- contract negotiations
- formations of LLC’s for ownership or disposition
- condominium conversions
- land use planning
- Bergen County NJ Real Estate Lawyer
Finding New Jersey Real Estate Attorneys
While it may not be absolutely necessary to retain an attorney to assist with your real estate matter, it is advisable to consult with our firm to protect your rights and your investment(s). Through Linda Khorozian’s experience as a real estate broker our firm has a vast knowledge and understanding of New Jersey real estate laws/court decisions and are in tune to our clients’ needs.
The Khorozian Law Group has long standing and well established relationship with all local brokers, mortgage lenders and titles companies, which as a result allow the firm to provide the best and most efficient and competent representation of our clients.
Whether this is a first home, new construction or a refinancing, our attorneys and staff stands ready to negotiate and provide the best possible representation to all of our clients. If you need help resolving a legal matter related to real estate The Khorozian Law Group can help. Call today for a free consultation (201) 944-9200; let us guide you through the complexities of any real estate transaction. Your best interest is always our priority.
NJ Real Estate Lawyer Reviews
Mina B. | 2 reviews
I have sought legal council on starting a new business, what legal documents I need to write up, and how to draft them. Khorozian Law Group is a first rate law firm that handles all of my business needs, from drafting legal documents to seeking advice on anything related to my business. I have worked with Linda for over 2 years, and she is very honest, smart, candid, timely, and extremely thorough. I have referred her to several of my friends over the years and all of them have been very happy with her work. She is truly a great lawyer with a very wide breadth of knowledge in the law. She is also very accountable and accommodating with scheduling and took all of my phone calls or returned them in a timely manner. I will be using her for all of my legal needs in the future. 5-Star Google Review
Ms. Khorozian has been wonderful to work with when purchasing property. She is professional and reliable, most importantly honest. She always has her clientele’s best interest at hand, providing the best legal advice. I would highly recommend her services to anyone searching for an attorney as she will not only get the job done, but exceed any expectations you may have! 5-star Google Review
New Jersey Real Estate Lawyers – FAQ
Other Real Estate Articles?
- Bergen County Real Estate Lawyer
- Buying And Selling Real Estate in NJ
- New Jersey Zoning And Land Use
- Real Estate Litigation
What is 3 Day Attorney Review?
First, it is important to note that before signing a legal document, such as a contract, it is important to have it reviewed with an attorney BEFORE signing. In the State of New Jersey, the realtor prepares the contract on a standard form. The buyers and sellers then participate in a three (3) business day attorney review period. The review period commences when an attorney for either party sends a letter stating that they disapprove of the terms contained in the proposed (and possibly) executed contract. Modifications to the contract may be made by either or both parties. The attorney review period is concluded upon all parties’ agreement to the original contract and the modified terms of it. The contract may also be cancelled by either party during the attorney review period.
Real Estate Investors & Owners…it’s an exciting time to be in the game in NJ…lots going on. If you’ve got real estate problems, give https://t.co/IHT1AIcgIB a call (201) 944-9200 #realestateinvestor #NewJersey pic.twitter.com/jeifTg6WoY
— Khorozian Law Group (@KhorozianLaw) September 6, 2019
How do I estimate closing costs?
If you are a seller, examples of costs are as follows:
- Real Estate Commission (5 – 6%)
- Real Estate Transfer Tax
- Legal fee
- Recording fees
- Reimbursement of search fees incurred by a title company if the services of a title company are utilized.
- Other costs may also be applicable such as include paying off a mortgage(s), sellers share of real estate taxes, payment to obtain a certificate of occupancy, etc.
If you are a buyer, examples of costs are as follows:
- If a mortgage is required, then there may be fees charged by the lender such as commitment fees, appraisal fees, attorney fees, etc
- Legal fees
- Recording costs for documents
- Reimbursement of search fees incurred by a title company, if the services of a title company are utilized
- Title insurance premium
- Buyer’s share of real estate taxes
- Fees charge by a inspector
- Fee to obtain a survey
What is a typical deposit?
A buyer will typically pay between a 5 – 20 % of the purchase price as a deposit. The deposit is usually held by the seller’s attorney in an attorney trust account or by the office of the realtor for the buyer. There is no legal requirement as to the specific amount of deposit a buyer has to pay.
What does “AS IS” mean?
“As Is” could mean that the property is sold “as is” and there are no inspection contingencies and no representations by the seller. However, most contracts state a home is sold “as is” but include home inspection contingencies, and representations by a seller as to certain conditions of the home.
Escrows: A lender may collect money at the time of the closing and hold it in escrow. This money is designated for a certain purpose, such as paying future real estate taxes and home owners insurance. Attorneys may also hold an escrow to resolve certain issues after a closing: money could be held by an attorney until a party resolves an issue that was outstanding at the time of the closing.
What is a Home Inspection?
Most contracts will provide the buyer the opportunity to have an inspection by a professional inspector of the structure on the property. This is called a home inspection contingency. An inspector will make an inspection of the property and its structure to provide a written report which identifies various deficiencies of the structure. In some cases, a buyer will have a general inspection done as well as individual inspections for items such as: septic, well, oil tank, termite, radon, etc. The inspection usually is required to take place within a specified time period, otherwise the buyer would waive the inspection contingency. After the report is received, the buyer may request that the seller make repairs and/or give them a credit towards the purchase price so that repairs can be made after acquisition.
What is a Certificate of Occupancy?
Typically a seller is responsible for obtaining a Certificate of Occupancy and a smoke detector certificate from the city or municipality in which the property is located prior to closing. Most cities and towns require a brief inspection of the house to make sure the home is at least habitable, proper permits obtained, and are compliant with state mandated Fire Certification (smoke detectors, fire extinguishers, and carbon monoxide detectors).
What is a real estate transfer tax? Sellers are required to pay a tax in order to sell their home. The real estate transfer tax must accompany a deed when it is sent to the county clerk for recording. It is based on the sales price and there are specific requirements for calculating the real estate transfer tax.
How can I find out what yearly real estate taxes are for a property? You can call most cities and municipalities and ask for the tax collector to get an idea of what your yearly property taxes will be on a specific location. This information will also be provided by the title company if one is retained.
What is title insurance?
After contract contingencies are resolved, the buyer’s attorney may hire a title company to conduct an examination of the title to determine whether the property can be transferred free and clear of any liens or defects in title. The title policy includes insurance that protects the buyer from any possible defects and title liens. In addition to a title search, a survey of the property is generally required by the mortgage company. If you obtain a mortgage, you will also need title insurance—otherwise obtaining title insurance is not mandatory but is very strongly suggested. Title insurance for property owners, called an Owner’s Policy, is usually issued in the amount of the real estate purchase. It is purchased for a one-time fee at closing and is valid for as long as the owner or his/her heirs have an interest in the property. Only an Owner’s Policy fully protects the buyer should a problem arise with the title that was not found during the initial title search. Possible hidden title problems can include: errors or omissions in deeds, mistakes in examining records, forgery, and undisclosed heirs. Title insurance for mortgage lenders is called a Loan Policy. Most lenders require a Loan Policy when they issue a mortgage loan. The Loan Policy is usually based on the dollar amount of the loan and it protects the lender’s interests in the property should a problem with the title arise. It does not, however, protect the buyer.
What is a survey?
A property survey shows the boundaries of the property, indicating the lot size and includes a written description of the property. Surveys also indicate right-of-ways and easements. Right-of-ways detail the right of others to access certain areas of the property. For example, it may allow access to water or telephone companies for servicing or grant a neighbor use of a shared lane or driveway. Easements are a right that are assigned to the property and cannot be removed very easily, if at all. Surveys may also indicate issues such as a fence located outside the property line or an overhanging roof from a detached garage. In these instances, the buyer can ask the seller to correct the problem before closing.
What is a mortgage contingency clause?
Most buyers require lender financing (a mortgage) in order to purchase. Most contracts will give the buyer a specified amount of time to obtain a written promise from a lender to loan them money, which is a mortgage commitment. If the buyer obtains a mortgage commitment, the contract will proceed to closing. If the buyer is not approved, the contract may be cancelled or the parties may make some other agreement. If the buyer is not approved within the time frame, the contract can be voided.
Must a seller attend the actual closing?
A seller may elect to sign documents with their attorney prior to closing and not be physically present at the closing. A seller should coordinate with their attorney and make appropriate arrangements to ensure a smooth and successful closing. A party may also give their lawyer a Power of Attorney to sign documents on their behalf.
Liens: A charge, security, or encumbrance upon property. For example: mortgages, judgment, real estate taxes, and municipal water/sewer are all liens against a real property. Liens, if any, against a property or party will be presented in seriates provided by a title company if one is retained.
Judgments: A judgment is a lien: when an individual or entity is sued successfully by a creditor, the creditor obtains a judgment. A judgment is attached to all real estate owned by an entity or individual. Judgments, if any, against a property or party will be presented in searches provided by a title company if one is retained.
The real estate industry has had more than its fair share of challenges during the recent economic downturn. In good times or bad, however, this industry is always evolving and developing. Real estate litigation often involves potentially high damages, multiple parties, and numerous regulations and laws. For these disputes, clients should be especially deliberate in retaining the services of an unwavering and knowledgeable real estate attorney such as the Khorozian law Group.
The Khorozian Law Group helps clients resolve disputes, achieve their objectives and gain a competitive advantage in the real estate industry
- Acquisition and development: disputes arising under purchase and sale agreements, option agreements, development agreements, and land use and zoning disputes
- Construction: disputes relating to agreements with general contractors, subcontractors and related liens
- Management: litigation of property management agreements and prosecution of receivership actions
- Real estate brokers and agents: disputes relating to brokers, agents and their ethical, fiduciary and other common law disclosure and other obligations, as well as alleged breaches in civil actions and in ethics proceedings before state regulatory agencies
- Title disputes: easement, property line, adverse possession, quiet title, trespass, nuisance and other title disputes and actions
- Landlord-tenant disputes: eviction proceedings, complex lease interpretation issues and the entire spectrum of landlord-tenant disputes
- HOA disputes: disputes relating to communities governed by homeowners’ associations
Contact the Khorozian Law Group today for a free consultation to discuss all of your real estate litigation needs (201) 944-9200.
Frequently Asked Questions
How much does a New Jersey real estate lawyer cost?
Typically the cost of legal representation is based on the complexity of the case. We can usually give you a general quote over the phone during your initial consultation. In most cases, when representing home buyers the legal fees can be higher than when representing a home seller. Complex litigation matters involving a real property dispute can typically be quoted over the phone.
Do I have to hire a real estate attorney in NJ?
This is a personal decision that you will have to make. If you have complex legal interests that need to be protected, then it is always prudent to consult with a licensed New Jersey real estate lawyer to ensure that your interests are being protected. Give our office a call, or use our website chat function to see if you need to hire an attorney.
How can a real estate lawyer help me?
Real estate attorneys like Linda Khorozian will ensure that your real estate transaction is (1) properly documented and recorded, and (2) ensure that your financial and legal interests are protected. They can help to ensure that compliance issues are met, e.g., environmental issues. If things go wrong, the real estate attorney can spearhead any litigation defense or file any lawsuit involving the property.