Hire an experienced New Jersey real estate attorney to represent your interests.
New Jersey Real Estate Law is Not a General Practice
Buying and selling real estate involves property targeting, contract execution, due diligence inquiries, contract contingencies, title review, potential government approvals, financing, closing, and post-closing work. It is important that you hire an attorney experienced in real estate, land use, zoning, and municipal requirements to handle your transaction. It is also important that you determine whether an attorney or a paralegal will be handling your transaction, especially if unique or complex issues are anticipated.
Past and Present Uses of Property in New Jersey
Commercial, industrial, agricultural, and residential properties each have unique considerations and potential sources of liability. Past uses of the land are relevant to which inquiries are appropriate during due diligence investigations. Document review and land use requirements vary, as do appropriate terms for disclosure and indemnification. If a property is held by an estate, additional requirements apply. When negotiating a contract, it is important that you hire an attorney who can evaluate and prioritize the legal issues regarding each unique property and the past and proposed uses and structures. Your attorney should communicate with you and customize a contract to your needs.
Due Diligence and Contingencies in New Jersey
Typically, between contract and closing, documents are exchanged, inspections ordered, title and permitting reviewed, and financing arranged, pursuant to deadlines. Contracts may be long term, requiring new investigations, applications, and approvals for new structures or uses as a condition of closing.
An experienced attorney works with the buyer or seller to facilitate this process and advises as issues or questions arise. It is important that you hire an independent attorney willing to advocate for your best interests, even if it means considering termination of a contract. The majority of contracts proceed to closing, especially with proper negotiation from the outset. In fact, an experienced real estate attorney has many “tools” for resolving issues that might otherwise “kill the deal.”
Real Estate Investing
Buying real estate in New Jersey for the purpose of investing or locating your business can be very rewarding and profitable. Attorneys generally recommend that real estate holding entities be separate from operating businesses. Lending requirements can become complex when obtaining a commercial loan to purchase real estate for your business. A smart investor will hire an attorney also experienced with business formation, commercial transactions and lending, and leasing to protect his or her investments.
Help is Available
Every real estate transaction is unique, and unforeseen complexities often arise. Hiring an attorney with knowledge of real estate, land use, municipal requirements, and construction is important to protect your interests. If you are a commercial buyer, make sure your attorney also has experience with business, commercial transactions, and leasing. If you are an agricultural buyer, make sure your attorney has experience with Right to Farm, easements, and reduced assessments. No matter what type of property, you want an attorney on your side who is dedicated and knowledgeable when it comes to legal issues and risks pertaining to real property.
With the assistance of a knowledgeable New Jersey real estate attorney, you can proceed through your transaction with increased confidence and protection. It is important that you hire an experienced attorney who gets to know you, your property, and your goals.
The New Jersey real estate attorneys at Shanahan & Voigt, LLC are experienced real estate, land use, and business attorneys, having successfully provided counsel to both the buyers and sellers of commercial, agricultural, industrial, and residential properties, including distressed properties and properties held in estates.