Problems with a real estate transaction

Whether you are buying or selling a home, our office can guide you smoothly through the process.  From the signing of the contract, through the home inspection, title report review, and finally the closing table, our office will ensure that your rights and interests are protected.  Selling or buying a home can be a stressful and confusing time, which is why many people find that retaining an experienced attorney at the onset alleviates these issues.  Having legal representation in real estate transactions not only offers peace of mind, but can help avoid costly and unnecessary mistakes.  Our fees for handling real estate matters are modest, especially in consideration of the level of protection and confidence our representation affords you.

 Paul A. Gerike has handled hundreds of real estate closings over his 30 year career representing both buyers and sellers.   He specializes in this area of the law and always stays abreast of new developments and requirements regarding New Jersey real estate transactions.  Mr. Gerike’s dedication to his clients is reflected in the fact that most of his real estate clients come to him through referrals from the many satisfied clients he has represented throughout the years.  Give us a call today for a complimentary consultation and let our experience work for you.

Summary of Steps in a Real Estate Transaction

Sign Real Estate Contract. The Buyer and Seller sign a Contract, typically prepared by a real estate agent.  The Buyer gives an initial deposit.

​Attorney Review. The three-day attorney review period begins when the fully signed Contract is delivered to both parties.  Both parties then have three business days to have the Contract reviewed by their own attorney.

​Call Us to Review Contract. You should immediately call real estate attorney Paul A. Gerike to review your Contract.  The Contract is legally binding upon signing, but is subject to your right to have an attorney propose revisions or cancel the Contract on your behalf during the three-day attorney review period.  Under the attorney review clause, only an attorney may cancel the Contract on your behalf.  Paul A. Gerike will thoroughly and carefully review the Contract to ensure your rights are protected.

​Home Inspection. During the next 14 days, the Buyer has a home inspection performed.  Some of the things inspected for include: ​The presence of wood-destroying insects (such as termites and carpenter ants);

• • Major structural defects with the home, including roof, foundation, and structural support;
  • Problems with the major systems such as electrical, heating, cooling and plumbing;
  • Functioning of major appliances;
  • The presence of high levels of radon gas, mold or other contamination;
  • Septic system and well water (if applicable).

​If the inspections reveal defects, the parties will try to resolve the issues through their attorneys.  If they cannot resolve the home inspection issues, then the Contract can be canceled, and the deposit returned.  This is another reason why it is very important to have an experienced attorney review your Contract from the beginning.  Both a Buyer and a Seller risk a very unhappy result if the home inspection clause does not properly protect their rights.

​Apply for Mortgage. After the home inspection is completed and any issues addressed, the Buyer applies for mortgage loan.  The mortgage loan process can be just as difficult as the home inspection process.  New requirements and regulations and bad mortgage processors can make this a huge problem for even the most qualified buyer. 

Title Inspection. The Buyer’s attorney obtains a title search, tax search, and judgment search.  The attorney will ensure that there are no liens on the property or restrictions which unreasonably limit the normal use of the property.  The Buyer’s attorney can also assist the Buyer in obtaining a survey of the property.  The survey is intended to ensure that the lot size and dimensions are in accordance with what the parties agreed upon, that all setbacks are appropriate and not in violation of any ordinances, and that there are no encroachments over property lines.

​Certificate of Occupancy or Smoke Detector Certificate. If the municipality where the property is located requires a certificate of occupancy as a condition of sale, the Seller obtains the certificate.  In addition, under New Jersey law, the Seller must obtain a smoke detector certificate from the municipality in order to sell the property.

Settlement. Buyer almost always attends settlement, especially if there is a new mortgage involved.  Sellers are increasingly not attending as documents can be prepared ahead of time.  Sellers may sign these documents at their convenience. 

When to Call Us For Attorney Review of Your Real Estate Contract

Call us as soon as your Realtor gives you the fully signed real estate contract or anytime you have a question about the home selling process.  Paul Gerike will speak with you on the phone and ask you to email or fax your Contract to him.  He will carefully review your real estate Contract and then speak with you in detail to discuss any suggested changes to protect your rights.  During attorney review, we will draft an addendum to your real estate Contract.