When New Jersey residents think of real estate sales, they might think of a person buying a home through an agent. Once they pick out their home with the agent’s help, they finance their purchase through a bank or other lending business.
However, this is not always the case. To give one common example, many Cumberland County residents have likely seen a property listed for sale by owner.
Real estate investors may often purchase residential properties outside of the conventional channels, and they may have to rely on financing from a number of sources.
Likewise, friends or family living in and around Vineland may sell properties to each other off the market, and they may also loan money for their loved ones to buy a home. Even private individual investors may be willing to risk providing a loan and accepting a mortgage from a would-be buyer.
The point is that not every real estate transaction is streamlined by trained realtors, pre-drafted forms and established escrow companies. Yet, real estate deals of any size are still complicated and important legal matters.
They require attention to the details of both New Jersey law and the circumstances of the sale. Missing a detail or making a mistake can have unexpected negative legal consequences, even years down the road.
This is true even when a real estate deal is between relatives and friends who, at that moment, are getting along.
Representing buyer, seller or lender in a transaction
Someone who is not regularly involved in real estate transactions will want to make sure that they understand their legal rights and responsibilities and do what they can to protect their interests.
This is not just about sellers protecting themselves from buyers and vice-versa. Third parties can also assert themselves in a real estate dispute, and title insurance does not always cover these types of issues.
Legal disputes can still happen, even after a person does everything they can to ensure a sale goes smoothly. A person may have to resort to litigation to protect themselves.
