Somerville Real Estate Lawyers
Buying or selling a house can be overwhelming; even the slightest mistake or oversight can cost you thousands of dollars. The real estate market constantly fluctuates, impacting interest rates and housing prices. There are a number of issues that may arise during a real estate transaction that may require legal representation. While your real estate agent will handle certain aspects of the buying or selling process, it is in your best interest to work with a real estate lawyer who will protect your legal and financial rights, address complications that may arise, and help you navigate every step of the process from the initial stages through closing.
What Are the Advantages of Hiring a Somerville Real Estate Lawyer?
While you are not legally required to retain a real estate lawyer to help you buy or sell a house, it is highly recommended that you do so. An experienced real estate lawyer will help you navigate every step of the process of buying or selling a home, anticipate common issues that often arise during a real estate transaction, and address all of your questions and concerns. The following are examples of some of the benefits that a real estate lawyer will provide:
- Drafting, reviewing, and negotiating contracts: A realtor will generally use a form contract for a real estate transaction. A Somerville real estate lawyer will draft riders or amendments to a form contract or a customized real estate contract that reflects your needs and protects your legal rights. A real estate contract includes a range of provisions that a lawyer may modify, including the following:
- The money the buyer puts in escrow generally ranges from 2.5% to 10% of the sales price. This demonstrates how serious the buyer is about purchasing the home.
- The inspection period and the types of issues or defects that can be negotiated. The buyer has 14 days to have the property inspected.
- A financing contingency is a provision that allows buyers to back out of the contract if they cannot secure financing for purchasing the home.
- Appraisal contingency is a provision that allows a buyer to back out or negotiate the price if the appraisal price is less than the property’s market value.
- A clear title contingency is an amendment to the contract that allows the buyer to back out of the transaction if the seller cannot provide a clear title.
- Modification of representations made by the seller or buyer.
- Reducing the risk of a lawsuit: Sellers and realtors must adhere to mandatory disclosure laws when selling a property. If there are existing issues with the property, they must be disclosed to prospective buyers. Failure to do so can result in a lawsuit against the seller and their realtor. A real estate lawyer will ensure that the disclosure rules are followed and reduce the risk of a lawsuit.
- Negotiating on the buyer’s behalf following inspection: After the seller accepts the buyer’s offer, the buyer will have 14 days to inspect the property. This is not a legal requirement, but it is a crucial step when buying a home since it can identify potentially serious issues that involve costly repairs. When drafting a real estate contract, a real estate lawyer may specify that the inspection should only focus on functional matters instead of cosmetic problems.
- Conducting title research: When purchasing a property in New Jersey, the title company will research the property title and review public records, which involves searching for open court cases and claims against the property and determining whether there are any liens, mortgages, or delinquent taxes. When this process is complete, the title company will issue a report to the buyer, seller, and lender and provide insurance for the title to the lender. A real estate lawyer will review the title history and determine whether there are any defects. If there are, it must be resolved to prevent the buyer from suffering future financial losses. It is recommended that buyers purchase separate title insurance. A real estate lawyer can help find a policy that provides the best protection.
- Handling the closing process: This is when the seller receives the money, and the deed is transferred to the buyer’s mortgage. A real estate lawyer will help clients navigate this process smoothly and address any issues that may arise, including payment arrangements, repairs that the seller failed to complete, or undiscovered liens on the property.
What Are Common Real Estate Disputes?
There are a range of real estate disputes that can complicate the process of buying or selling a home. A real estate lawyer will be able to anticipate these disputes and recommend the best legal course of action going forward. The following are examples of some of the most common types of real estate disputes:
- Breach of contract: When you sell or purchase a property, you will sign a legally binding contract, which includes important information and requirements that both parties must follow. Contracts include the purchase price, contingencies, property description, financing information, the closing date, and other details about the property or transaction. If either party fails to follow the requirements outlined in the contract, the other party can sue for breach of contract.
- Breach of duty: Real estate agents owe their clients a duty of care, which means they are expected to act in their client’s best interest, comply with all laws and regulations, keep their client’s information confidential, and only disclose information that will benefit their clients. If a real estate agent misled a client about a property’s condition, was responsible for missing out on a sale, or caused a client to be involved in a bad real estate deal, they may sue for breach of duty.
- Failure to disclose property defects: If you discover a property defect after buying the property and can prove that the seller intentionally concealed the defect, you have the right to sue the seller for failure to disclose property defects. A real estate lawyer can assist you with a claim against the seller, help you prove that the seller knew about the defect, and negotiate the best possible resolution.
- Disputes over property lines: This is another common dispute, particularly in cities and areas where property lines and boundaries become difficult to locate over time. If property lines are not clearly defined before purchasing the property, it can be more difficult to resolve this issue after the property has been purchased. An experienced real estate lawyer can assist you with property line disputes and determine whether part of the property belongs to you.
Do I Need a Somerville Real Estate Lawyer for a Rental Property?
Whether you own a rental property or you rent or lease an apartment or house, there are situations where it is in your best interest to have a real estate lawyer on your side.
For example, if you are a tenant and receive an eviction notice or your landlord has discriminated against you, a lawyer can recommend the best legal course of action and ensure that your rights are protected. In addition, if your landlord fails to address safety issues on the property, this can increase the risk of injuries. A real estate lawyer can help collect evidence and build a case against a negligent landlord. A landlord may need a real estate lawyer if a tenant is in breach of the lease agreement or causes extensive damage to the property. In addition, if the tenant is injured in a slip and fall accident on the premises, the landlord may be named in a premises liability claim. A real estate lawyer will investigate the claim, defend against unreasonable demands, and protect the landlord’s legal rights.
The Somerville Real Estate Lawyers at Lyons & Associates, P.C. Represent Clients in a Range of Real Estate Legal Matters
If you require legal representation in a real estate transaction, do not hesitate to contact the Somerville real estate lawyers at Lyons & Associates, P.C. To schedule a free consultation, call us today at 908-575-9777 or contact us online. Our offices are located in Somerville, Morristown, and Freehold, New Jersey, where we serve clients in Somerset, Woodbridge, Morristown, Parsippany, Rockaway, Short Hills, Chatham, Randolph, Madison, Morris Plains, and Monmouth County.