Monmouth County NJ Real Estate Attorneys

The attorneys at Chamlin, Uliano & Walsh are skilled at successfully managing all types of real estate cases and issues, including both residential and commercial real estate. Both types of cases require a tremendous amount of meticulous attention to detail and thorough analysis of the physical aspects of the property, the financial aspects of the transaction or agreement and the tax implications, as well as savvy negotiation of terms to ensure that your rights are protected and your interests are maximized.

Potential problems that attorneys handle can become extremely expensive if neglected or mismanaged, including inspection issues, environmental hazards, discovery of liens on the property, chain of title complications and boundary disputes. In addition to attorneys who have extensive experience handling a wide array of real estate cases, our firm has a full-time support staff of experienced paralegals fully and solely dedicated to handling the firm’s real estate matters, so that your needs are met as efficiently as possible.

Avoid financial risks and ensure that your rights and interests are protected and maximized. Contact our office immediately, either online or by phone at 732-440-3950, to schedule a consultation with an experienced, diligent, savvy attorney to handle your real estate matter in Monmouth County or Ocean County, New Jersey.

Ocean County NJ Real Estate Lawyers

Some examples of our services include:

Key Concepts in New Jersey Real Estate Law

Real Estate Ownership

There are different ways to own a property, but the most common one is fee simple absolute. This allows the owner to have complete control of the property, whether it is for sale, used as collateral, renovated, occupied, or left to heirs. Property can also be owned by more than one person in what is known as tenancy in common.  Each owner can sell, encumber, or use their portion.  When they pass on, their share will be transferred according to their will or state inheritance laws if there is no will.  Joint tenancy transfers the owner’s share to the other joint tenants.  Lastly, married couples who own property begin as tenants, similar to joint tenancy, but if they divorce and there is no prenuptial agreement, it changes to tenancy in common.

Encumbrances

Encumbrances, simply put, are claims against an asset by someone who does not own it. These claims are attached to the property, not the owner, which means the land can be bought and sold while the encumbrance remains.  Examples of encumbrances include easements, mortgages, or liens. In recent times, property developers have been imposing deed restrictions (known as covenants) to influence the community’s appearance after construction by using a Home Owners Association (also known as HOA),  a type of encumbrance that remains with the property whose purpose is to ensure a particular aesthetic in the community.  Regulations vary from what color you can paint your house, how high your grass can be, or how many visitors you can have at one time. These are examples of this agreement.

Buying and Selling

It is difficult not to get excited about buying or selling your home, but complex processes require the utmost attention to detail and knowledge of the law. A real estate lawyer can carry you through the process from beginning to end, highlighting potential problems while providing sound, experienced legal advice. This is true whether you are a first-time buyer or you have bought and sold multiple properties in the past.

Inspection

The law requires the seller to disclose any problems the house may have fully.  This includes foundation issues, flood damage, fire damage, mold, lead paint, crimes or deaths that took place on the property, hauntings, or insect infestations like termites. An inspection can reveal plumbing and electrical issues, weak flooring, faulty steps, and other hazards you need to know about.

Purchase Agreement

Another key component of any real estate transaction is the purchase agreement, which gives the buyer’s terms for the purchase. The agreement can contain a wide array of terms, such as the selling price, down payment, mortgage, title, deed, and other essential details. The seller can accept, reject, or provide a counteroffer of the agreement.  Once the seller agrees with the buyer’s conditions, the buyer is legally obligated to fulfill the contract and the property purchase.

Mortgages

Most people do not have the funding to purchase real estate outright, so they need a mortgage. Banks, mortgage companies, and credit unions offer loans for this purpose.  The buyer pays the cost of the house plus interest for 10 – 35 years.  The house backs the loan, and the bank can foreclose on the property if payments stop.  There are other kinds of mortgages, including FHA lenders (Federal Housing Administration), which offer lower interest rates and down payments for those who are eligible, and VA mortgages from the Veterans Administration, which offer even lower interest rates and sometimes do not require a downpayment.

Condominiums

Condominium owners own their units and share ownership of common areas such as parking lots, parks, sidewalks, tennis courts, and swimming pools. Unit owners run the associations, and a monthly fee can be assessed to cover the contracts for landscaping, clearing snow and ice, pool maintenance, etc. Condominium associations typically have rules about pets, parking, unit maintenance, noise levels, and even the selling of units.  Your real estate attorney can review the rules and explain how they can affect you before you sign on the dotted line.

Commercial Real Estate

Commercial real estate can be even more complex than residential real estate.  Your real estate attorney will review all paperwork with a fine-tooth comb, advising you on possible tax issues, deadlines, and sale and lease contracts.  They can manage payments in escrow and other deposits.  Commercial buildings also require inspections and environmental impact reports.

Avoid Pitfalls in Real Estate Transactions with Knowledgeable Legal Counsel

A seasoned real estate attorney such as those at our firm, Chamlin, Uliano & Walsh, can ensure your real estate transactions go smoothly and, most importantly, are transparent and legal.  Real estate agents know neighborhoods, home values, and pricing but cannot provide legal advice.  You could be exposed to potential risks and legal issues without a real estate attorney who is well-versed in the rights and responsibilities of buyers and sellers, as well as other parties who may become involved in real estate legal issues in New Jersey. Our team can guide you through the complexities and requirements of real estate law, helping you avoid these risks. The following explains some of the most prevalent challenges in real estate transactions and how solid legal counsel can be crucial to your success.

Complexity—Real estate transactions have intricate legal processes, contracts, and regulations to ensure the sale adheres to local, state, and federal laws. A real estate attorney will negotiate terms, draft contracts, and obtain titles and deeds.  Moreover, obtaining the most beneficial financing, following zoning laws, and reviewing the tax implications associated with the transaction are also invaluable components of a real estate matter.  A misstep in any direction can lead to budget-busting costs and even penalties in some cases.  Having an attorney ensures that your rights are protected and all legal requirements are fulfilled.

Contract Drafting and Review–  When a real estate lawyer drafts or reviews purchase agreements, they ensure that the legal parameters are properly addressed.  They have the expertise to guarantee a document that is legally binding.  They anticipate potential legal issues such as zoning laws, title defects, or liens that could potentially cause expensive delays or put the kibosh on your real estate future altogether.  Their involvement gives peace of mind and minimizes the possibility of complications.

Title Searches and Insurance– A purchase agreement requires the seller to provide a marketable title.  A title gives ownership to a person or group of people of a property.  A real estate lawyer will conduct a title search to ensure no defects or encumbrances could inhibit the sale or lead to litigation.  Examples of title defects include liens, missing signatures, gaps in ownership history, or judgments.  Title insurance is available to the buyer, allowing them to recover any damages due to title defects.  Mortgage companies are also eligible for title insurance.

Closings and Settlements—The closing process is multifaceted. Your real estate attorney will review the purchase agreement, which outlines the terms of the property’s sale.  They will go over the loan documents and outline the terms of the mortgage. The title and the deed will be reviewed, and details such as fees and taxes will be mentioned.

During the closing itself, your lawyer is responsible for verifying that all documents are complete and signed correctly.  If there are any legal terms that you don’t understand or last-minute issues to resolve, they can handle them.  They also make sure that the funds are appropriately disbursed and the transfer of ownership is completed.

Ask an Experienced Real Estate Lawyer in Monmouth and Ocean County

At Chamlin, Uliano, & Walsh, our real estate lawyers enjoy helping our clients take the next step in realizing their dreams.  Whether you are looking to buy or sell a home or want to make important changes to your business, we provide peace of mind and dedication to your transaction.  We will protect your interests while effectuating a smooth, seamless transaction from start to finish.  Our role is essential to ensure your experience is positive and your closing is successful. Our long-standing New Jersey law firm includes highly experienced real estate attorneys serving clients in Wall, Manasquan, Red Bank, Long Branch, Holmdel, Middletown, Colts Neck, and elsewhere in Monmouth County, Ocean County, and along the Jersey Shore. Whether you are already in the process of selling or buying a property or would like to get started with a real estate legal matter, we can answer all of your questions today.

Real estate issues are never simple but don’t have to be stress-inducing.  We will explain every step to you clearly and protect your rights throughout the process. Call our office today at. 732-440-3950 to schedule a consultation, or complete our online form to get started.

For more information, read a few of our firm’s real estate articles:

• The Importance Of Legal Representation In A Real Estate Transaction
• Why You Should Use An Attorney For Mortgage Refinancing