buying and selling real estate

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10/18/11 11:49 AM Buying and Selling Real Estate Page 1 of 9 http://www.njlaws.com/buying_and_selling_real_estate.html?id=104&a= Kenneth Vercammen & Associates A Law Office with Experienced Attorneys for Your New Jersey Legal Needs 2053 Woodbridge Ave. Edison NJ 08817 732-572-0500 1-800-655-2977 Buying and Selling Real Estate Buying and Selling Real Estate Nearly everyone, at some time in life, faces the details of buying and selling real estate. The purchase of a home is probably the largest single investment a person will ever undertake and, therefore, careful consideration should be given to the technical difficulties involved in the transfer of real estate before any action is taken. The Contract for Sale Once youve found the house youd like to buy and have agreed on the price, you will probably be asked to sign a contract and pay a deposit. A Contract of Sale is an agreement for the purchase and sale of real estate. This Search Website Kenneth Vercammen was the Middlesex County Bar Municipal Court Attorney of the Year FOR POTENTIAL CLIENTS TO CONTACT US DURING NON- BUSINESS HOURS, PLEASE FILL OUT THE FORM. Name: Cell Phone: E-Mail Address If You Do Not Include a Complete E- Mail Address, Verizon will not Forward

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Buying and Selling Real Estate Nearly everyone, at some time in life, faces the details of buying and selling real estate. The purchase of a home is probably the largest single investment a person will ever undertake and, therefore, careful consideration should be given to the technical difficulties involved in the transfer of real estate before any action is taken.

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  • 10/18/11 11:49 AMBuying and Selling Real Estate

    Page 1 of 9http://www.njlaws.com/buying_and_selling_real_estate.html?id=104&a=

    Kenneth Vercammen & AssociatesA Law Office with Experienced Attorneys for Your New Jersey

    Legal Needs 2053 Woodbridge Ave.

    Edison NJ 08817732-572-0500

    1-800-655-2977

    Buying and SellingReal Estate

    Buying and Selling Real EstateNearly everyone, at some time in life,faces the details of buying and sellingreal estate. The purchase of a home isprobably the largest single investment aperson will ever undertake and,therefore, careful consideration should begiven to the technical difficultiesinvolved in the transfer of real estatebefore any action is taken.The Contract for SaleOnce youve found the house youd like tobuy and have agreed on the price, youwill probably be asked to sign a contractand pay a deposit.A Contract of Sale is an agreement forthe purchase and sale of real estate. This

    Search Website

    Kenneth Vercammen was theMiddlesex County Bar Municipal

    Court Attorney of the Year

    FOR POTENTIAL CLIENTS TOCONTACT US DURING NON-BUSINESS HOURS, PLEASE FILL OUTTHE FORM.

    Name:

    Cell Phone:

    E-Mail Address

    If You Do Not Include a Complete E-Mail Address, Verizon will not Forward

  • 10/18/11 11:49 AMBuying and Selling Real Estate

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    is the most important document in anyreal estate transaction because itestablishes the respective rights andresponsibilities of the purchaser and theseller.Since the Contract of Sale is such animportant and legally binding Contractan attorney should be consulted within 3days of signing. The 3 day attorneyreview period is to protect the buyer andseller from being forever bound by acontract without their receiving thebenefit of legal advice. A lawyer istrained to answer your questions andmost attorneys will provide anintroductory, no-obligation conferencefor a nominal fee. At the conference theattorney will be able to provide you witha good estimate of closing costs andother costs involved in the transaction.You only have three days to have yourattorney review the contract and makethe appropriate changes. Remember thatonce a Contract is signed and in finalform after 3 days, your rights andobligations are fixed concerning thetransaction and your attorney will nolonger have the opportunity to structurethe Contract to meet your objectives.Whether you are a seller or a buyer, youshould understand the Contract termsand how they affect you. The otherparties to the contract are under noobligation to tell you what the contractmeans and you may not understand thelegal meaning of the terminology. So, ifyou are going to have an attorneyrepresent you in the transaction, the timeto consult one is either before you signany papers or within 2 days of signing.The Contract of Sale should state theparties, the purchase price and how it isto be paid, an adequate description of theproperty being sold, the kind of deed to

    Mail Address, Verizon will not ForwardYour Contact Form to the Law Office.

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    Kenneth Vercammen was theMiddlesex County Bar MunicipalCourt Attorney of the Year

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    be delivered, the quality of the sellerstitle to the property included in the sale,the date you are to take possession, andother clauses relating to the property andthe parties respective responsibilities toeach other.The contract should also permit the buyerto cancel the contract if financing cant beobtained and provide for the return of thedown payment if the sale falls through.Or, perhaps the seller may want to retainpossession of the property for some timein order to find new accommodations. Ifso, appropriate clauses can be includedin the contract defining such rights.These are only a few matters usuallycovered in the contract. However, theyillustrate the variety of terms andconditions to be considered when youenter into such a transaction.How A Lawyer Can HelpThere are many important ways in whichan attorney can help protect yourinterests during a real estate transaction.For example, the purchasers attorney(depending on local practice) can:* Prepare, review and explain thecontract of sale.* Assist you regarding your questions onmatters such as termite inspections,structural inspections, the zoning statusof your property, restrictions onconstruction or use, and propertyinsurance.* Review your mortgage commitmentand explain your prepayment rights.* Order and review the survey and alltitle searches to clearly define thedescription, location and legal ownershipof the property.* Help to resolve any title problems.* Obtain title insurance policies covering

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    your ownership interest and lendinginstitutions mortgage interest, and adviseyou about exceptions which may appearin your title policy.* Settle any problems regarding transferof occupancy, settlement date andpossession.* Determine adjustments for taxes andother costs.* Prepare the final closing statement andother documents.* Represent and advise you at the closingwhere documents such as the closingstatement, the sellers deed and affidavitof title and the note and mortgage aresigned. Also All funds are transferred atthis time.* Record the deed and mortgage andcancel any existing mortgages and liens.* Deliver all important documents to youfor your safekeeping after closing.The sellers attorney can:* Prepare, review and explain thecontract of sale.* Gather important title information forthe purchasers attorney, thus expeditingthe search and survey process.* Resolve any title problems revealed bythe searches.* Cooperate with the purchasers attorneyin resolving possession and closing dateproblems.* Assist you in determining the correctbalance due on your mortgage.* Cooperate with the purchasers attorneyin preparing the final closing statement.* Prepare the deed affidavit of title,survey affidavit and any other necessarydocuments.* Represent you at the closing and makecertain that you receive the correctamount of proceeds from the sale.Of course, these items represent only apartial list of services which may be

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    rendered by attorneys during real estatetransactions. Your attorney will performany additional services necessitated byyour particular purchase or sale.RepresentationRemember one important point - theseller, broker, and bank in the transactionmay have their own legal staffrepresenting each of their interests. Anattorney representing any of the otherparties is not your attorney.It is your own responsibility as thebuyer, to seek the professional advice ofan attorney to protect yourself and to besure that you get precisely what you arelegally entitled to receive.When you retain an attorney for thepurchase of sale of real estate, you obtainthe services of a loyal and trustworthyadvisor who will guide your transactionfrom contract to closing. Mainly becauseof your attorneys efforts, the closingshould be calm and amicable meeting forthe signing of documents and thetransferring of funds.Home InspectionThe attorney also may represent hisclients interests in connection with thehome inspection report. Upon receiving acopy of the home inspections report(which generally involves a structuraland environmental analysis of theproperty to be purchased or sold), theattorney for the buyer, after consultationwith his client, will request certainrepairs and/or remediation of theconditions noted by the home inspector.In response, the attorney for the sellerwill advise what action the seller iswilling to take to meet the buyersconcerns. Often depending on the terms

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    of the contract, if agreement cannot bereached on issues raised by the homeinspection report, the buyer or seller maycancel the contract. More realistically,however, the attorneys for the seller andbuyer work to reach a compromiseacceptable to both clients.ClosingThe important thing to remember is thatbuying a home is a major investment. Itusually involves making payments over aperiod of 30 years. In the long run, itslikely to be more economical to havecompetent professional advice - yourattorneys advice - in making the purchasethan to risk the trouble and expense thatcould result from not having that advicein the first place.

    Receive free NJ Laws Email newsletterwith current laws and cases

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    Meet with an experienced Attorney to handle your important legal needs.Please call the office to schedule a confidential "in Office" consultation.

    Attorneys are not permitted to provide legal advice by email. Kenneth Vercammen is the Managing Attorney at Kenneth Vercammen& Associates in Edison, NJ. He is a New Jersey trial attorney has devoted asubstantial portion of his professional time to the preparation and trial oflitigated matters. He has appears in Courts throughout New Jersey eachweek for litigation and contested Probate hearings.

    Mr. Vercammen has published over 125 legal articles in national andNew Jersey publications on elder law, probate and litigation topics. He is ahighly regarded lecturer on litigation issues for the American BarAssociation, NJ ICLE, New Jersey State Bar Association and MiddlesexCounty Bar Association. His articles have been published in notedpublications included New Jersey Law Journal, ABA Law PracticeManagement Magazine, and New Jersey Lawyer.

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    He is chair of the Elder Law Committee of the American BarAssociation General Practice Division. He is also Editor of the ABA EstatePlanning Probate Committee Newsletter and also the Criminal LawCommittee newsletter. Mr. Vercammen is a recipient of the NJSBA- YLDService to the Bar Award. And past Winner "General Practice Attorney ofthe Year" from the NJ State Bar Association. He is a 22 year activemember of the American Bar Association. He is also a member of theABA Real Property, Probate & Trust Section. He established the NJlaws website which includes many articles onElder Law. Mr. Vercammen received his B.S., cum laude, from theUniversity of Scranton and his J.D. from Widener/Delaware Law School,where he was the Case Note Editor of the Delaware Law Forum, a memberof the Law Review and the winner of the Delaware Trial Competition.RECENT SPEAKING ENGAGEMENTS ON WILLS, ELDER LAW,AND PROBATEEdison Adult School -Wills, Elder Law & Probate- 2007, 2006, 2005,2004, 2003, 2002 [inc Edison TV], 2001, 2000,1999,1998,1997Nuts & Bolts of Elder Law - NJ Institute for Continuing Legal Education/NJ State Bar ICLE/NJSBA 2008, 2007, 2006, 2005, 2004, 2003, 2002,2000, 1999, 1996Elder Law and Estate Planning- American Bar Association Miami 2007Elder Law Practice, New Ethical Ideas to Improve Your Practice by GivingClients What They Want and Need American Bar Association Hawaii 2006South Plainfield Seniors- New Probate Law 2005, East Brunswick Seniors-New Probate Law 2005Old Bridge AARP 2002; Guardian Angeles/ Edison 2002; St. Cecilia/Woodbridge Seniors 2002;East Brunswick/ Hall's Corner 2002;Linden AARP 2002Woodbridge Adult School -Wills and Estate Administration -2001, 2000,1999, 1998, 1997, 1996Woodbridge Housing 2001; Metuchen Seniors & Metuchen TV 2001;Frigidare/ Local 401 Edison 2001; Chelsea/ East Brunswick 2001, VillageCourt/ Edison 2001; Old Bridge Rotary 2001; Sacred Heart/ South Amboy2001; Livingston Manor/ New Brunswick 2001; Sunrise East Brunswick2001; Strawberry Hill/ Woodbridge 2001;Wills and Elder Law - Metuchen Adult School1999,1997,1996,1995,1994,1993Clara Barton Senior Citizens- Wills & Elder Law-Edison 2002, 1995AARP Participating Attorney in Legal Plan for NJ AARP members 1999-2005

    Contact the Law Office of

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    Kenneth Vercammen &Associates, P.C. at 732-572-0500

    for an appointment.The Law Office cannot provide legal advice or answer legal questions over thephone or by email. Please call the Law office and schedule a confidential "in

    office" consultation. The Law Office now accepts payment by American Express,Visa and Master Card.

    .

    Disclaimer This web site is purely a public resource of general New Jersey information (intended, but not promisedor guaranteed to be correct, complete, or up-to-date). It is not intended be a source of legal advice, do not rely oninformation at this site or others in place of the advice of competent counsel. The Law Office of KennethVercammen complies with the New Jersey Rules of Professional Conduct. This web site is not sponsored orassociated with any particular linked entity unless specifically stated. The existence of any particular link is simplyintended to imply potential interest to the reader, inclusion of a link should not be construed as an endorsement.

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    Kenneth Vercammen handles Wills, Last Will and Testament, probate contests, estate administration, inheritance tax,executor, surrogate, Living Wills, estates, trusts, undue influence, administrator, elder law, elderlaw, senior citizen,eldercare, guardianship, trusts, estates, Avoid Probate, Personal Injury, Deceased, Estate Planning, New JerseyLawyer, New Jersey Attorney, New Jersey Lawyers, New Jersey Law Firm, New Jersey Legal Service, New Jerseyattornies, New Jersey legal, New Jersey law, NJ Lawyer, NJ Attorney, NJ Attorneys, NJ Lawyers, NJ Law Firm,Middlesex County, Monmouth County, Mercer County, Somerset County, Union County, Ocean County, CranburyPolice, East Brunswick, Edison, Highland Park, Jamesburg, Old Bridge, Metuchen, Monroe, New Brunswick, NorthBrunswick, Perth Amboy, Piscataway, Plainsboro, Sayreville, South Brunswick, South Plainfield, Woodbridge,Superior Court, attorny, attorney, attornee, attorneys, atorney, ahtorny, ahtorney, ahtornee, atornee, atorny, Layer,Lawer, Laywer, LawFirm, 08817, 07095,08816, 08901, 08903

    2011 Kenneth Vercammen & Associates, P.C.