Real Estate Frequently Asked Questions

1)  What if I sign a real estate contract and then don't like some of the terms or have second thoughts about the whole transaction?

Answer:  After delivery to both parties of the signed contract, you have 3 days to have your contract reviewed by an attorney (“attorney review period”).  The attorney can negotiate with opposing counsel to modify terms, change time frames, or disapprove of and cancel the contract.  At this time, we will work with you to include additional terms and address issues specific to the property in a rider to the contract of sale.

2)  What costs are shared by the buyer and seller at closing?

Answer:  Buyers and sellers typically split the closing fee (charged by a title agency), property taxes, water bill, sewer bill, condo association fees and homeowners association fees.  The split of the taxes, utilities and association fees are based on the portion of time each party is occupying the house during the quarter or month of the closing.

3)  As a buyer, what are my closing costs?

Answer:  Generally speaking, buyers are responsible for the down payment on the home, title costs, mortgage fees, recording fees, and the attorney fee.

4)  As a seller, what are my closing costs?

Answer:  Generally speaking, sellers are responsible for paying off their existing mortgage (and other loans on the home), realtor commission, NJ realty transfer fee, recording fees, and their attorney fee.


5) What is the NJ Realty Transfer Fee?
Answer:  The NJ Realty Transfer fee is essentially a sales tax paid to the state at closing. The amount is based on the selling price of the home.  The formula is found here. (make the word “here” a hyperlink and have it

6) What services will The Law Office of Abe Rappaport provide for a client who is a buyer?

Answer:  The Law Office of Adam Araten will:

• Represent your interests during attorney review by making sure the contract and all terms contained therein are correct.
• Review the home inspection report and advocate for any necessary structural or systemic repairs or monetary credits you may be entitled to under contract. 
• Order title work (title searches, title insurance, surveys (as needed).
• Represent you at the closing, guide you through the mortgage paperwork and scrutinize the settlement sheet (HUD-1) to make sure that you only pay for the buyer's costs.

7)  What services will The Law Office of Abe Rappaport provide for a client who is a seller?

Answer:  The Law Office of Abe Rappaport will:

• Represent your interests during attorney review by making sure the contract and all terms contained therein are correct.  You should be comfortable with the down payment amount, closing date, inclusion of fixtures, contingencies and threshold dollar amounts for repairs.
• Review the home inspection report and make sure that any structural or systemic repairs performed have been agreed to in the terms of the contract.
• Verify that the buyer is acquiring a mortgage commitment on time.
• Draft a New Deed and Affidavit of Title to bring to the closing.
• Represent you at the closing, verify that loans are paid off and scrutinize the settlement sheet (HUD-1) to make sure that you only pay for the seller's costs.