A real estate seller is expected to convey a clear title at closing. That means that the title is not subject to any liens and is free and clear. If for example, the seller has a mortgage, s/he will request a payoff statement from the lender and that loan will be paid off at closing […]
The New Jersey Open Public Records Act (“OPRA”) allows a buyer or seller to request documents from a municipality and other governmental entities that may provide important information about a property that is being sold or purchased. Under OPRA, a governmental entity must provide most documents for inspection, copying or examination in response to a
THE ROLE OF OPRA IN REAL ESTATE TRANSACTIONS Read More »
2021 had a˜go go’ spring real estate market.Buyers far outnumbered sellers and as a result, the limited inventory was in great demand, causing buyers to bid over the listing price on many homes. Buyers pressured their real estate agents to get them a house. Faced with extreme competition, the realtors came up with techniques to
WAIVING CONTINGENCIES Read More »
Sloppy practices make for interesting legal proceedings and decisions. Take for instance a situation where a homeowner refinances a purchase money mortgage and a home equity line of credit. However, because the homeowner fails to submit a letter closing the line of credit, it remains open, and a lien on the property. Then imagine that
ACTUAL KNOWLEDGE NOT A BAR TO EQUITABLE SUBROGATION Read More »
(That’s a mouthful.) Certain types of new home construction are regulated by the State of New Jersey under a statute entitled the Planned Real Estate Development Full Disclosure Act. The developer of a large project is typically obligated to prepare and file an application for registration with the NJ Department of Community Affairs. That will
NJ PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT EXEMPTIONS Read More »
Due to a 1983 settlement of litigation brought by the New Jersey State Bar Association against the NJ Association of Realtors, all real estate contracts prepared by realtors must contain an attorney review clause, permitting the parties to cancel via their attorneys for any reason or no reason within 3 business days of full execution
ARE AUCTION BUYERS ENTITLED TO ATTORNEY REVIEW? Read More »
Typically a prospective homebuyer is asked to sign many forms in addition to the contract of sale when presenting an offer to buy a house through a realtor. If the offer is accepted (by the seller signing the contract), and the buyer or seller retains an attorney to represent him or her in the transaction,
BEWARE OF COVID 19 HOLD HARMLESS AND RELEASE Read More »
Realtors, title companies, mortgage lenders and closing attorneys are all operating at the present time, but in a very different fashion given the health crisis affecting our State and nation. Realtors are showing houses on a one on one basis, masked and gloved. Title companies are conducting closings but not in the style of the
Real Estate Closings In The Era Of Social Distancing Read More »
It is not unusual for a home to be worth less than what the owner owes on the mortgage. This is commonly referred to being “underwater”. As long as the owner pays the mortgage on time, eventually the mortgage will be paid down and the house may appreciate in value. However, when the owner becomes
Beware of the IRS If Your Home Is Underwater Read More »
The Whelan law firm has been committed to excellence for over 30 years. With offices located centrally in New Jersey, we are able to provide businesses and individuals with excellent legal services.
