Bergmann & Good believes a lawyer by your side through the process of buying or selling property is always in your best interest. Having an attorney present at the closing table helps the process go faster and smoother and offers you protection and assistance if something goes wrong. Your real estate agent may be the best in the business, but a Realtor cannot offer legal advice, interpret contract provisions or offer the legal implications of any exception a title company may reserve in your title policy. Only a lawyer can do that. But if you are still not convinced, read on…
In October, some major changes at both the state and federal level have been implemented. The Consumer Financial Protection Bureau (CFPB) has taken over administration of the Real Estate Settlement Procedures Act (RESPA) from the Department of Housing and Urban Development (HUD). Not only does this mean new forms, contracts but it also means new rules and regulations surrounding waiting times and mandatory legal review periods.
And if that is not enough, the New Jersey standard contract has also been overhauled. While the intent may have been to make things easier, that is not always the outcome. For instance, if you are a Seller, the new contract may leave you open to lots of repair requests or as some Buyers like to say “a second bite at the apple” in negotiating purchase price. If you have a buyer and think you are susceptible to them “taking a second bite” talk with us. Maybe the standard form contract is not in your best interest, and having an attorney draft your agreement will save you time and hassle on your way to the closing table.
While it will take time for everyone to get comfortable with the new processes, rule and forms, now more than ever it is important to consider having strong representation with you at closing. It’s a brave new world in real estate- give Bergmann & Good a call before you start your journey!