Commonly Asked Real Estate Law Questions
Experienced Ocean & Monmouth County Real Estate Attorney
What is the first step of the home buying process?
When buying a house, you need to get pre-approved for a mortgage. Once you are pre-approved you can get the process going. This is important because you need to know how much you can borrow. Once you know how much you can borrow, this allows you to search for a home in your price range. Getting pre-approved for a mortgage will allow you to not waste time looking at houses that are not in your budget. You will get a loan estimate from the lender you are using which will state how much money you will need to put down as a down payment including closing costs. When potential buys get pre-approved before the looking process this shows that you are a serious buyer to your agent as well as the person whose home you might be interested in.
When should I hire a lawyer for buying a house?
You should have an attorney lined up prior to executing your contract. The attorney can answer any questions you may have prior to signing the contract.
How long does it take to buy a home?
Normally the average time to complete the sale of a home can take 45-60 days. Sometimes it might be faster or longer, depending on inspections.
What kind of credit score do I need to buy a home?
This varies depending on an FHA, VA, or conventional loan. The lender can give you more information on what type of loan best fits you.
How much do I need for a down payment on a house?
The national average for a down payment on a house is 11%. In some cases, first time home buyers put down 3-5%. Some programs allow you to put a down payment on a house via a “gift” from a family member.
When do you order a home inspection?
Home inspections are very important. They are highly recommended, so you can reveal defects in homes that you cannot noticeably see. You should get a home inspection as soon as possible. You can ask your attorney about this if you have any questions. Have the Home Inspection sent to the attorney, so you can review it together.
What is a disclosure statement?
This is a document that the lender provides disclosing all fees associated with your loan.
How does a mortgage work?
If you need a loan to purchase real estate, you would get a mortgage. A mortgage is when a financial institution or a bank loans you money for the purchase of your real estate. When getting a mortgage, a mortgage interest is created. A mortgage interest means that the bank or financial institutions loan is secured by an interest in the real estate property.
What is a deed?
A deed is needed to transfer ownership of real estate. On the deed, you will see it contains the names of the old owners and the new owners as well as a legal description of the property. It is signed by the person who will be transferring the property.
How to choose a real estate lawyer?
Choosing a real estate attorney is very important. When looking for an attorney they should be experienced, very attentive and easy to communicate with. You want someone who is there to answer your questions and available to you. If you are looking for a real estate lawyer let me put my 36 years experience to work for you. You can contact me via the online contact form or phone, 732-477-3030.