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In the State of New Jersey, lawyers are used by both buyers and sellers in the selling of real estate property. In some parts of New Jersey, it is mandatory that a lawyer be used in the process, while in some parts of southern New Jersey, it is not required. Since, selling or purchasing a home is usually a major financial transaction, it is very wise to use a lawyer for your personal representation. Why Use a Lawyer The only way to sell real estate in New Jersey is through a valid written contract. In the contract, essentials such as deposit of monies, selling price, buyer rights, seller rights, contingencies, inspections such as termite, lead paint, structural are all included in the contract and also dates on when certain processes must be completed. Various penalties can be included for non performance are areas that a lawyer can be most helpful. There are many other items that must be completed to transfer property and these will be mostly the responsibility of a lawyer. Title searches, surveys, closing statements, escrow accounts for monies deposited, mortgage papers, deed recording and other items will be part of the responsibility of a lawyer to insure that they are completed. |
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