Northern New Jersey Real Estate Attorney
Whether you are a real estate investor, are a first-time homebuyer or are ready to downsize or purchase a larger home in northern New Jersey, you may need essential insight before taking that step. At The Law Office of Robert J. Cascone, LLC, with offices in Wayne, Hackensack, Denville and Sparta, our founder, Robert Cascone, is an experienced real estate lawyer who can help.
Robert has practiced law for over a decade and provides the personal attention you need when making one of the biggest purchases in your life. He also can guide you when you’re ready to sell your home. Genuine, straightforward and attentive, Robert has helped many clients throughout northern New Jersey and the entire state.
The Many Facets Of Home Purchasing And Selling
Details in real estate agreements can seem complicated. Robert understands these details and thoroughly reviews the fine print. He wants to ensure that you are not at a disadvantage and that you obtain the best deal possible.
He and the rest of our team have worked with clients in a number of real estate matters, including:
- Buying and selling residential property
- Home closings (charges on a flat-fee basis)
- Mortgage qualification
- Mortgages and leases
- Documentation preparation
- Property titles, deeds and liens
- Title insurance
Purchasing a home is a major financial investment. We will provide you with trusted guidance from beginning to end. Respected by his legal peers, Robert was selected to the New Jersey Rising Stars list for 2019.
Understanding Key New Jersey’s Real Estate Laws
The NJ Attorney Real Estate Review Mandate
New Jersey real estate transactions are governed by several laws and local requirements designed to protect buyers, sellers and the public. One of the most significant is the “attorney review” period, which gives either party’s lawyer three business days to review, disapprove or negotiate the standard realtor-prepared contract before it becomes fully binding. This review period is a unique and important feature of New Jersey real estate practice.
New Jersey Real Estate Transfer Taxes
State transfer taxes are another key part of the process. Under N.J.S.A. 46:15-7, sellers must shoulder the Realty Transfer Fee (RTF), while buyers of residential property valued over $1,000,000 must pay a 1% to 3.5% mansion tax. These taxes are part of the closing process and can significantly affect the total cost of a transaction.
Real Estate Environmental Mandates In NJ
Environmental laws also play an important role in New Jersey real estate. The Private Well Testing Act (PWTA) requires private drinking water testing before closing in certain transactions, and buyers and sellers must also consider issues such as underground oil tank disclosures and other environmental conditions that may affect the property.
Municipal Safety & Occupancy Rules
Municipal safety and occupancy rules add another layer of compliance. Many towns require a Certificate of Smoke Detector, Carbon Monoxide Alarm and Fire Extinguisher Compliance, often referred to as a CSDCMFEC, as well as a local Certificate of Continuing Occupancy (CCO). These local inspections and certifications must be completed before closing and are intended to confirm that the property meets basic safety standards.
New Jersey Three-Day Rule For Closing Disclosures
Under the TILA‑RESPA Integrated Disclosure (TRID) rules, lenders must provide the Closing Disclosure (CD) at least three business days before closing on most mortgage loans. This waiting period helps ensure that borrowers have enough time to compare the figures to the original loan estimate and identify any major changes before finalizing the transaction.
This three-day rule is crucial because it helps prevent last-minute surprises at closing. If there are significant changes to the loan terms, such as an increase in the annual percentage rate or a change in the loan product, the lender may need to issue a revised CD and restart the three-day waiting period.
Because the rule is tied to the mortgage closing timeline, it can affect scheduling and coordination among lenders, attorneys, title companies and real estate agents. Buyers should know that weekends and federal holidays do not count as business days for this rule, so closings must be planned accordingly.
Frequently Asked Questions About Real Estate Law
Real estate, especially residential real estate, is more than just an investment. It is a choice that will dictate every single thing about where you live and what you do for your family. It would be natural for you to have questions. Robert is here to find the answers you want and need to make informed choices.
What common issues can delay or derail a residential real estate transaction in New Jersey?
There are many potential “spoilers” for residential real estate transactions, but the most frequent are title insurance problems and inspection reports. If something is out of the ordinary with a property, it will most likely be discovered at those points. However, the three-day rule may also be a source of potential delays in your deal closings as well.
Why is it crucial to have an attorney’s assistance when selling a home?
A real estate attorney understands the nuances of New Jersey real estate law. As your attorney, Robert can provide you with advice and insight into whether real estate deals are sensible financially or if there are any red flags from a legal standpoint. A major benefit of an attorney working closely with you on your real estate purchase is the assurance of correct, accurate documentation throughout.
How can a real estate attorney protect people preparing to sign residential leases?
Attorneys know what is and is not normal within a contract, including residential leases. Many landlords tend to DIY their leases, but that may mean that these leases include unfair, illegal clauses. Even without overreach, language within a contract must hold up legally, and Robert can help you identify the weaknesses and problems with a lease before you sign.
What is New Jersey’s three-day attorney review period for real estate purchases?
The three-day rule in New Jersey gives you and your attorney three business days to review all aspects of the sales contract before finalizing it. This time for review provides you with the ability to end a deal or request modifications before being locked in.
Are buyers ever allowed to back out of home purchases in New Jersey?
It is possible to back out of a real estate deal, but there are some potential pitfalls of doing so. The first option can be in the three-day review period, which may not have lasting consequences. At other points, you could face litigation for backing out. However, the risks you face will be made clear to you by our real estate attorney if these problems arise for you.
Call Us Today For A Free Consultation
Northern New Jersey residents considering buying and selling a home have a dependable and respected ally in The Law Office of Robert J. Cascone, LLC, in Wayne, Hackensack, Denville and Sparta. With his considerable experience, Robert understands the real estate world. An effective and attentive attorney, he is ready to help you. For a free initial consultation, contact us by email or call our office at 973-846-5359.