Buying or selling a home is a major transaction. In fact, purchasing a home will probably be the largest single investment you’ll ever make. Because the transfer of property in New Jersey is very complicated, there are many serious problems that might crop up when you are buying or selling real estate.
• Missing heirs, forgers, invalid divorces, irregular foreclosures and other unexpected complications can leave the legal ownership of the property up in the air, even though the deed appears to transfer full title.
• You may not be able to determine personally beforehand whether the property has any serious physical defects like water conditions, structural problems, inadequate electrical wiring, termite infestation or radon contamination.
• The seller’s title to the property may be burdened with mortgages, easements, unpaid taxes or other liens.
• The description or survey of the property may be either inadequate or incorrect. You may actually be acquiring less property than you think you are.
• All important details of the transaction may not be included in the contract of sale. Even if you have verbally agreed upon an item, if it’s left out of the contract, it’s unenforceable.
• Deed or zoning restrictions may prevent you from using the property as you’d like.
In New Jersey, real estate brokers and salespeople may prepare a contract for the sale of certain residential property. However, the agreement must allow you to consult with an attorney within three days, so that you have an opportunity to receive legal advice from someone authorized to provide it. When you retain the services of a real estate attorney, he or she will guide you through all aspects of the real estate transaction and address the common issues that may arise.
I have a client wife going thru a divorce. The only asset is the marital home which has some equity. The husband wants to stay in the house. I got a fair market value appraisal by a certified appraiser at $215,000. My client, the wife, minus marital debt is looking at a payout by husband of $40,000. Husband alleges problems with septic and oil tank. Only offered my client $20,000 to settle. My client wants $30,000. Her thought is tell them $30, 000 or she will demand inspections of tank and septic. Tank was installed by father of husband with no permits. If my client orders inspection of both septic and oil tank what if any ramifications could there be with the fact oil tank installed with no permits and if septic has a problem?
Fines at a minimum. Permits would have to be applied for after the fact. Both would have to be brought up to code is they fail inspection. Could be very expensive.