Real estate across New Jersey jumped nearly 10 percent in value during the pandemic, with some areas seeing appreciation reach 20 percent or more. So far in 2021, real estate prices still seem to be on the fast track.
According to NeighborhoodScout, Union City ranks fifth in home value appreciation in the state, dating all the way back to the year 2000.
You may be sitting on a piece of property that now represents a nice nest egg and you may wish to sell, or you may be in the market for the home of your dreams and want to move quickly before prices go too high.
Your first instinct is to find a real estate agent to help you sell, buy, or both. While most realtors are scrupulous, the real estate transaction process itself is often rushed through to completion. Your agent, and the other person’s agent, are anxious to see matters close, so they can earn their commissions. In the process, paperwork will be thrown in front of you with a brief explanation, and you’ll be asked to sign.
Are you really sure what’s on – and not on – all those documents? Do they offer the protection you seek?
This is where the services of an experienced real estate attorney are most needed. After all, purchasing a home – or an investment property – is probably the largest transaction you’ll ever make. If you’re in the Union City area of New Jersey, or nearby in Jersey City, Bayonne, Hoboken, or North Bergen, contact the Hudson Law Firm.
Attorney Edward J. Mullins III will advise you every step of the way and review and amend any documents as needed – even create original agreements – to help make sure your interests are met and proper safeguards are in place.
Utilizing an attorney in your real estate transaction may seem like an added expense you’d rather avoid if at all possible, but remember, purchasing a piece of property involves a huge investment of time and money that carries with it the potential for great – and long-term – risk and harm. The extra costs involved with having an attorney review all documents and watch over every step of the transaction process can prove well worth it in the long run.
Hiring a real estate attorney is a valuable resource as they:
Know the law and appropriate practices for your area
Can review complicated paperwork
Can make sure agreements are properly worded to mitigate ambiguity and issues
Can address legal issues that agents aren’t equipped to handle (i.e. illegal home additions, property uses, and landlord options)
A real estate agent can help find or sell your home but your attorney will protect your investment.
The purchase agreement is the single most important document used in a real estate transaction. Most agents and their firms rely on standardized forms. While these forms may cover a majority of contingencies, each property and each person—buyer and seller—has individualized concerns. A brief explanation of what’s on the purchase agreement may never fully reveal what’s in the document — and what’s not.
An attorney can review the agreement and make amendments as needed to satisfy the buyer or seller and their concerns. For instance, if the seller never closes the deal, what happens to the down payment? If the property is being rented out, are there terms for getting the tenants to move so the new owner can take over?
Again, the deed and other documents used in closing a real estate transaction are largely standardized, but they may not cover every detail to the satisfaction of the buyer or seller. In fact, these documents will often be presented in a very brief and perfunctory way before you are asked to sign off. Instead, they should also be reviewed by an attorney and amended or updated as needed before signing.
It’s rare, but it has happened that the deed is never properly executed, and title to the property remains in question. An attorney can make sure the deed is properly recorded and your title secure.
Whether intentional or not, one of the biggest problems in a successful real estate transaction is misrepresentation by the seller and/or the agent for either party. This may involve an issue with the foundation, a property boundary, or an environmental problem. Your attorney can help you conduct the proper inspections and research to make sure you won’t end up with a piece of property you have to extensively repair or tear down and rebuild.
Contract disputes are another common problem. These can occur even after a purchase contract has been signed but the sale has not yet concluded. Disagreements can arise over the purchase price, closing costs, closing deadlines, condition of the property, and type of deed.
Real estate agents are focused on helping with the selling/buying of the property but we will be focused on your best interests. If you’re seeking to buy or sell property in or around Union City, New Jersey, or in neighboring communities, contact the Hudson Law Firm to guide you through the process. The peace of mind will be well worth having an attorney review every document and guide you along every step of the way.