Successful Real Estate Transactions

As a real estate lawyer in NJ I handle transactions from $70,000 co-ops to multi-million dollar homes. In every case it is a major financial transaction for the buyer and seller and everyone hopes for a smooth transaction.

I've handled thousands of transactions and I can tell the secret to a smooth and painless transaction: get the right team of Real Estate Professionals working for you. Your core team should include a great Realtor, a great mortgage lender and a great real estate attorney. Your core team can help you find other professionals that you will need along the way, such as a home inspector and a homeowner's insurance agent.

How do you find the right professionals to place on your team? Research. Ask friends and neighbors for personal referrals. If you have chosen one member of your team, ask him or her for referrals for the other members. Once you have a few names, call them up and interview them. You will be spending alot of time with your Realtor, Lender and Attorney, so make sure you can develop a good rapport and that you will be comfortable working with them. Ask if they are full-time or part-time, ask how many transactions they have handled, ask how long they have been in the business. Ask if they will be with you through the entire transaction or if they will hand you off to an assistant. Ask if they are comfortable using the latest technology to help you with your transaction. Will they email documents and information to you, or will they ask you to go sit by a fax machine? Do they offer online access to your transaction documents or will you have to call for status updates? Do they have assistants who can help you when they are out, or do you have to wait for a call back? Through this process you will find out how the professional operates and you will find out if this is a person that you would like to work with.

Keep the following in mind:

Any licensed attorney is considered qualified to handle real estate transactions. You may want to find out if the attorney you are considering specializes in real estate or has this as a small part of a general practice. The attorney you choose will be responsible for ensuring that all deadlines are met and that you do not lose important rights by missing a deadline.

Any licensed real estate agent is considered qualified to handle your transaction. You may want to know if the agent you are considering is full-time or part-time. You may also want to know if the agent has handled dozens of transactions, or if yours is their first.

Any mortgage representative can get you a pre-qualification. But did you know that mortgage reps are not licensed? There is no testing or license requirment to be a mortgage representative in NJ. You should make sure that the person responsible for financing the biggest transaction of your life is well qualified to do so.

Putting together the right team takes time and effort. The effort that you put into this stage of the transaction will pay big dividends later when the transaction goes smoothly, with no surprises!