you don't see the answer you are looking for please
give us a call we're happy to help.
has advised us to sign the Contract before attorney
review. Is this standard?
As long as you have
been advised by the realtor (as opposed to a For
Sale by Owner), it is acceptable to sign the Contract
first. This is a way an offer is made in New Jersey.
Nevertheless, you must see to it that the fully
signed Contract is delivered or faxed to your attorney
without delay. Having signed the contract, attorney
review will still proceed regardless if the Contract
has or has not been delivered to your attorney.
I have signed
the Contract on a weekend, will this affect me?
The attorney review
period will not begin until the following business
day, so it is acceptable to fax or deliver the
Contract to your attorney over the weekend (if
available) or the subsequent Monday morning.
for home inspections? What is commonly done with
the results found?
The Buyer is responsible
for arranging home inspections. Frequently, assistance
in finding an inspector and scheduling the inspection
date will be provided by a realtor. Most contracts
will recommend that inspections are completed within
10-14 days following attorney review. We will require
a copy of the inspection report upon completion.
Any inspection issues must be relayed to us so
that we can alert an attorney regarding these issues
within the appropriate amount of time.
need to be performed?
A general structural
home inspection, a radon inspection, and a wood
boring insect inspection are all mandatory. However,
inspections that apply to asbestos, mold, stucco
or overhead electrical wiring should be considered.
Although most lenders
do not require inspections (with an exception to
the infestation inspection) they will require an “Infestation
Certificate” proving absence of infestation
in the home. This certificate will need to be shown
to the lender before your file will be clear for
An underground oil
tank sweep is wise to determine if there are any
underground oil tanks on the property. Many times,
sellers will represent that there are no tanks
on the property, when contrary to the seller’s
knowledge there is in fact, a tank present.
The inspections are
intended for your protection, not the lenders’.
Please keep in mind, upon closing, the home is
yours, and the Seller is no longer responsible
for the condition of the home hereafter.
be done if there is a well or a septic system
on the property?
If a septic system
is present on the property it will need to be inspected.
The buyer is responsible for this inspection. Due
to the variety of types of septic inspections available,
you should most likely discuss these tests with
your home inspector.
If a well is present
on the property, it will need to adhere to the
Private Well Testing Act, N.J.S.A. 58: 12a-26 to
37. The law requires that certain tests be performed,
however does not state which party is responsible
for payment of such tests. Typically, the Seller
pays for the cost. The tests are a bit extensive,
therefore should be ordered as soon as the contract
is signed. Test results are valid for one year
from sampling date, with an exception to coliform
results, which are valid for six months. A signed
certificate that reflects that both parties have
received and reviewed the well test results will
be necessary upon closing.
What is title
and who orders the title search?
Title is ordered from
an independent title company, and we only charge
you the amount that is charged by the title company.
Title insurance is regulated by law, which means
the cost of title insurance will never vary from
company to company.
As soon as attorney
review is completed, our law firm will order the
title search in addition to the survey. It takes
approximately two weeks for the title search to
be completed. When title is received, it is reviewed
by our office for errors, and then submitted to
your lender. Your lender will need to authorize
the title before clearance is granted for you to
close. When you close, the insured title to the
property will belong to you, however the actual
title insurance policy will not be issued for months
What is the
survey? Who will order the survey? Why do we
need a survey?
The survey is a like
a map that reflects the location of the dwelling
relative to the perimeter of the property lines.
Our office will order
title along with the title search, once attorney
review is complete. Lenders require that a survey
be illustrated and submitted to them for approval,
prior to the closing. In some cases, the lender
may accept an existing survey if it isn’t
outdated and if the Seller is able to provide an
Affidavit stating that no changes have been made
to the property since the date of the survey. If
you opt to use an existing survey, you need to
inform us so that we do not order a new survey
What do I
need to know about the appraisal and how it is
The appraisal will
be ordered by the lender and advances the market
value of the property. The lender usually charges
the buyer a fee for the appraisal. We are not provided
with the appraisal in advance, nor is it typically
available at the closing. In order to receive a
copy of the written appraisal, most lenders will
require a letter within 90 days after the closing.
I need at the closing?
Please bring a certified
check, bank check, or cashier's check. Personal
checks will not be accepted at the closing. You
will be provided with the exact amount of the check
as soon as the numbers are available to us. Please
make checks payable to: "Martin D. Eagan Attorney
Wire transfer funds
are also accepted by our attorney trust account.
If you would like to wire transfer your funds,
please contact our office and we will provide you
with the appropriate instructions. All transfers
must be placed at least one day prior to closing
date to ensure receipt.
You will also need
to bring proof of homeowner's insurance (declaration
page and receipt proving payment of one year).
In the unlikely event that minor adjustments need
to be made between parties at closing, it is wise
to bring a few personal checks.
If you are married
or if you purchased the home with a partner, you
must both be present at the time of closing and
bring photo identification.
the closing and how long will it last?
An attorney from the
law firm Martin D. Eagan. will join you and your
spouse or partner at the closing. Generally, a
representative of the lender does not attend the
closing but will send all documentation by delivery
or email. The other party and their representing
attorney will also be present at the closing. However,
on occasion, a Seller may send an attorney as their
legal representative bearing pre-signed closing
documents. Frequently, realtors will also attend
the closing. Typically, a closing will take approximately
1 to 2 hours.
the closing be held?
In New Jersey,
it is custom that the closing occurs at the office
of the Buyer's attorney. If you are purchasing
new construction, the closing occurs at the office
of the Builder's attorney. Refinances can often
be done at your home or office of your lender.
If you don't
see the answer you are looking for please give
us a call we're happy to help.