New Jersey's Realty Transfer Fee
|
|
|
|
REAL ESTATE SALE PROCESS IN N.J.
|
|
- A buyer will make a written offer in the form of a purchase contract. The contract will be submitted with their pre-approval and will include the following information:
- Purchase price
- Good faith deposit – minimum $1000 check submitted with contract
- 10% deposit - due about 2-3 weeks after signing contract (date referenced in contract)
- Mortgage amount and 30-40 day mortgage contingency (date referenced in contract)
- Proposed closing date (usually 30-75 days out)
- I will negotiate the contract and upon agreement of terms seller will sign the contract. The executed contract will be submitted immediately to your attorney.
- Enter into attorney review.
- Your attorney will extend the 3 day attorney review period. Review time will vary depending on how quickly the attorneys move, but on average it takes about 5-7 days.
- During attorney review, the property can still be shown and either party can back out for any reason without penalty.
- The attorneys will send “riders” (amendments to the contract) back and forth and when all terms are agreed upon they will conclude attorney review.
- Home inspections are set up when attorney review concludes. The buyer will have 10-14 days (as specified in the contract) to submit their inspection requests, in writing, through their attorney. The attorneys will negotiate these requests.
- 10% deposit will be due (date specified in contract, about 2-3 weeks after signing contract) to sellers’ attorney.
- Bank appraisal. The appraiser will come view your home.
- Survey.
- Mortgage commitment will be due 30-40 days from the date of the executed rider (as specified in contract).
- Title search.
- Call gas and electric utilities for final readings.
- Call water department for final reading. Pay bill day of or day before closing and bring receipt to closing.
- Schedule walk-through day before or day of closing. Seller is not required to be present.
- Closing will take place at buyer’s attorney’s office.
- Pay New Jersey Realty Transfer Fee.
|
|
|