Tag Archives: real estate

Questions to Ask a Real Estate Attorney

When you are involved in a real estate transaction, you likely pick up the phone and call your broker or agent with any questions you may have. However, brokers and real estate agents can sometimes have limited knowledge of the complex real estate laws. Especially if your real estate project is extensive or complicated, it is always a good idea to consult with a New Jersey real estate attorney who can address any and all legal concerns or issues.

Most people do not have a real estate lawyer on speed dial, however, the process of choosing the right law firm can be stressful. The following are only some questions you want to ask when selecting legal representation for a New Jersey real estate transaction.

Have you handled cases like this before?

Every real estate transaction is different and can have different legal issues arise. For example, a new construction project for a major development will have different issues than the sale or purchase of a smaller commercial complex or residential home. Whether you are building, selling, or purchasing, you want to ensure that your attorney has extensive experience representing clients in your position.

What actions need to be taken?

Attorneys who are not familiar with real estate transactions may give a vague answer to this type of question as they plan on looking up the legal process after you have left the office. An attorney with real estate experience will be able to give you at least an overview of the actions that will need to be taken and the potential issues that may need to be addressed for your particular type of transaction.

What will it cost?

Many people do not want to hire an attorney because it will cost them money when, in actuality, a real estate lawyer can end up saving you money in the long run by avoiding unnecessary complications and disputes. That being said, it is never fun to be surprised by a lawyer’s bill that is more than you were expecting. Make sure you agree on a fee schedule up front with your attorney.

Call 732-422-1000 today to schedule a case evaluation.

At the law office of Borrus, Goldin, Foley, Vignuolo, Hyman & Stahl, P.C., an experienced New Jersey real estate attorney can help facilitate a smooth and lucrative transaction for you. If you are involved in any type of real estate transaction, please do not hesitate to call us to learn more about how we can help you.

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Real Estate Transactions

Real estate transactions, the process in which rights in a property are transferred between parties who are comprised of a seller and a buyer, are governed by a large body of federal statutes and a conglomeration of both state statutes and common law, or law that is derived from precedent rather than statute. In other words, real estate transactions can be very complicated. The fact that one state’s real estate requirements can be vastly different from another’s only serves to confuse the issue further.

The Basics

Real estate brokers are employed as the seller’s agent. The agent proceeds to obtain a buyer for the listing – the contract made between the agent and the seller is called a listing agreement – and the broker is paid a commission for the sale. Real estate brokers are licensed and regulated by highly specific state laws.

The agreement to sell made between the buyer and the property’s seller is generally governed by contract law, and the Statute of Frauds necessitates that all contracts for real property, such as real estate, be in writing.

The Federal Fair Housing Act specifically prohibits discrimination based on race, color, religion, sex, or national origin in any real estate transaction, and real estate agents are held to this standard.

It Gets Complicated

Normally, it must first be determined that the title to the property being sold is marketable, which requires that the seller have actual proof of title to the whole of the property being sold and that no undisclosed third parties own interest in the title. It is often necessary to obtain professional legal guidance to ensure that the property is indeed marketable. Often, the buyer will also need to purchase title insurance to protect against loss should the title be found invalid.

Finally, before a title can be passed from seller to buyer, a deed with an accurate description of the property being sold must be executed and recorded in an effort to finalize actual ownership of the transaction property and to serve as notice of the transfer for potential future purchasers.

Call 732-422-1000 today to schedule a case evaluation.
If you are considering buying or selling property, you should speak with an experienced New Jersey real estate transactions lawyer today. An attorney with expertise in real estate transactions will protect your rights and make sure that your transaction goes as smoothly as possible. To learn more about how an attorney can help, call Borrus, Goldin, Foley, Vignuolo, Hyman & Stahl, PC today at 732-422-1000 or contact us online.

Buying or Selling Real Estate: Why You Need an Attorney

Real estate transactions can involve hundreds of thousands of even millions of dollars. For many people, the purchase or sale of a home will be the largest financial transaction into which he or she will even enter. For this reason, if you are considering buying or selling a home is advisable to retain a real estate lawyer to represent your interests and assist you in the process. There are many ways that a lawyer can help both buyers and sellers, some of which are discussed below.

An Attorney Will Review your Purchase Agreement

Every real estate transaction will involve a contract that describes the transaction as well as the rights and responsibilities of both the buyer and the seller. While standard real estate purchase agreements are available online, these will rarely, if ever, adequately address all of the issues involved with the purchase or sale of a particular parcel of real estate. Any issues with the purchase agreement could be financially disastrous for either buyers or sellers, so it is important to a have an attorney review your purchase agreement before you sign it.

Your Lawyer Can Uncover and Explain any Issues with the Property

Many pieces of real estate are subject to encumbrances such as easements or restrictive covenants. These can significantly affect the value of the property and may come as a significant surprise to buyers at a later date if you are not aware of their existence before the sale. An attorney will evaluate the property for the existence of such issues and advise you as to what they mean and how they may affect your use of your property and its value.

An Attorney Will Represent Your Interests

Perhaps the simplest and most important reason to retain an attorney when you are engaging in the purchase or sale of a home is that a lawyer will represent your interests. A real estate transaction often involves significant conflicts of interest between the buyer, the seller, and even the professionals that are involved in the transaction. An attorney will ensure that your rights are protected and that you are fully aware of the nature of the transaction into which you are considering entering.

Call 732-422-1000 today for a consultation.

If you are considering putting your home on the market or are looking to buy, you should speak with a New Jersey real estate attorney as soon as possible. With over 50 years of experience, the lawyers of Borrus, Goldin, Foley, Vignuolo, Hyman & Stahl, PC are qualified to represent both buyers in sellers in all types of real estate transactions. For a case evaluation, call us today at 732-422-1000 or send us an email through our online contact form.

What You Need To Know Before Making Home Improvements

Adding a deck to liven up your backyard or completely renovating your kitchen can give you more enjoyment of your home as well as raise its overall value.  It’s exciting to plan out you property facelift, but before you ask your contractors to start, you need to be aware of a few things first.  If you are thinking about making improvements to your home, here are some things you should think about first.

Permit Requirements

Depending on what improvements you will be making, you may need a building permit. Requirements for such vary from location to location depending on the township. We help individuals and businesses obtain all appropriate land-use approvals to avoid problems with permits, environmental regulations, local zoning ordinances, and construction plans. If you are using a contractor, the building permit should be issued in their name—that way you won’t be held responsible for any problems.

Tax Breaks

The IRS gives homeowners tax breaks for energy-efficient improvements. You may be able to deduct a substantial part of the cost of a solar energy system, residential wind turbines, geothermal heat pumps, or other environmentally friendly improvements.

Choose a Reliable Contractor

Before hiring a contractor, you should check licensing, get several estimates, and understand the contract before you sign it. An unqualified and dishonest contractor can cost you money and cause problems down the road.

Under state law, home improvement contractors are required to register with the New Jersey Division of Consumer Affairs every year to receive a municipal construction permit. Those without a permit are prohibited from performing home improvement work in New Jersey. Your contractor should be able to provide you with their documentation if asked, and if they can’t, look elsewhere.

Improvements May Help Avoid Foreclosure

If you are struggling to pay your mortgage payments and have made significant improvements to your house, refinancing could help you avoid foreclosure. Refinancing can make your monthly payments will be more affordable, but it will take longer to pay off your mortgage.  Major home improvements can significantly increase the market value of your house. As a result, you may qualify for refinancing.

Before you undertake your home improvement project, give James E. Stahl a call at today: (732) 422-1000. We’ll review your contractor contract to ensure that you are protected in your endeavor. Let our professionalism, knowledge and reputation in the community work for you.