Real Estate Closings in New Jersey: Does It Matter If It’s North or South Jersey?
If you are buying or selling real estate in New Jersey, it’s important to consider whether you are closing the sale in North or South Jersey. Keep some key differences in mind if you want to move forward without unneeded complications. This article explains the differences and how the Craig Annin & Baxter Law Office can help.
North Jersey If you are buying or selling property in North Jersey, real estate lawyers handle almost every part of the process. They draft and review the sales contract to make sure everything is correct before allowing the sale to move forward. In addition to preparing the contract, lawyers in North Jersey also conduct the title search and prepare the deed. A lawyer will even handle all of the money after closing the deal. For example, lawyers give payments to mortgage holders, the homeowner’s association and utility companies. The seller submits the payment to the lawyer’s trust account, and the transaction can take several days to process. This delay means that the buyer and other invested parties won’t get their money right away.
South Jersey Real estate lawyers operating in South Jersey work with title companies when closing the sale. Title companies perform the title search and manage each step of the transaction. Since title companies keep funds in their account at all times, they can distribute payments before the transaction completes. In other words, everyone gets their check before leaving the settlement table. Although title companies charge a fee for their services, it is worth it because title companies simplify the process and ensure that everyone gets paid on time. Not everyone, however, agrees with South Jersey’s real estate practice. The South Jersey practice was once challenged as an unauthorized practice of law, but the New Jersey Supreme Court ruled in favor of South Jersey’s practice.
Getting the Legal Help You Need No matter if you are closing a sale in North or South Jersey, you need a qualified legal expert in your corner. Your lawyer can give legal advice, draft legal documents and protect your legal interests each step of the way. Get started right away by contacting the Craig Annin & Baxter Law Firm.