Real Estate Transactions - Lawyer, Realtor, Title Company?
Real Estate transactions in New Jersey do not require an attorney for the buyer or the seller. In fact, South Jersey has a practice in which many real estate transactions are completed without an attorney, but is it ideal? Well, that depends. An attorney is specially trained and experienced in dealing with the legal issues that arise in a closing. Real estate attorneys also may handle more closings from start to finish than other professionals during a given year, and are responsible for advising their clients as to the entire closing transaction. Obviously a lawyer can also provide legal advice, which no other professional may.
In South Jersey, title companies and relators typically do what attorneys do without being considered the unauthorized practice of law. In re Opinion No. 26 of the Committee on the Unauthorized Practice of Law, (1995).
The ruling in that opinion is quite lengthy, but worth a read. It created the notice page to the NJAR Standard Form 118 Contract of Sale of Real Estate which states, among other things, “The buyer especially should know that if he or she has no lawyer, no one will be able to advise him or her what to do if problems arise in connection with your purchasing this property.”
Indeed, title companies and realtors certainly provide substantial value to their clients in real estate transactions (as do mortgagees!), but only an attorney can provide legal advice. The decision whether to hire a lawyer to represent your interests is your and yours alone. Id. Realtors and title companies may identify problems that require a real estate attorney, but they may also miss problems or not see the issue from your perspective. Ibid., supra. They are not lawyers, and they are not your lawyers. Id.
Materially, I work with clients buying or selling real estate through the entire state of New Jersey, including, but not limited to, the following:
1. Educating you to the contract and the closing process, from start to finish;
2. Negotiating the contract and attorney review;
3. Explaining title commitments and the obstacles to overcome;
4. Preparing inspection negotiations, if necessary;
5. LLC and trust formation and transfers into LLCs and trusts;
6. Advising you as to how best to handle tenants in a property, house-hacking tenancies, rentals, etc.;
7. Mortgage loans vary from product to product, so being informed as to how a conventional loan is different from an FHA loan is important (this is your mortgage lender’s role as well, but having an educated attorney means you can further educate yourself);
8. Closings involving condominiums (condos) and co-operatives (co-ops)
a) HOA issues, tenants, etc.;
9. Use and Occupancy agreements and Use and storage agreements; and even
10. Escalation clauses.
I have also successfully represented clients in wholesale closing transactions and litigate related to closing issues. Other reasons to seek the advice of a New Jersey Real Estate attorney would be for problems such as:
1. Time of the Essence,
2. Mortgage appraisals,
3. Inspection issues,
4. Defects in title,
5. Breach of contract,
6. Specific performance,
7. Quiet title actions,
8. Fraud or misrepresentation,
9. Breach of contract,
10. Estate sales,
11. Commercial transactions,
12. Bulk Sales,
13. Disagreements relating to escrows and escrow release negotiations,
14. And more.
If you are looking for a real estate attorney in New Jersey to apprise you of the pitfalls and considerations when purchasing a residential or commercial property, you can email me at Ranalli@ranalli-law.com. Your rights and privacy are 100% protected. We never share or sell your information or email. No one wants spam email and I respect your right to privacy. I am here to help you.
