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The answer as to whether you will need an oil tank scan as part of your inspections is always YES!
An abandoned underground oil tank is one of the most significant inspection defects that can occur on a property. Essentially, an abandoned underground oil tank can eventually be breached and leak oil into the soil, or even worse, into the ground water.
This spring, we are sharing common questions that we receive from clients regarding real estate transactions. From transaction timelines to deposits, be sure to read our Q&A series on real estate matters.
So, you found your perfect house. It has been a long search, and you now have found a home of your dreams. In fact, you were able to put an offer on this house and it was accepted without any fuss. However, you’re now being told that there is a tenant in the property that has not paid rent and will not vacate the property voluntarily.
Well, 2021 is here, and it does not seem like the real estate market is letting up anytime soon. Certainly, it is a good thing that people are out there wanting to buy homes. At the moment, interest rates are still low, and sellers are considering listing their homes to take advantage of the same. Yet, a robust and competitive market can lead to many pitfalls that people need to be aware of, especially if they are buyers.
We all know that the real estate market in New Jersey is currently hot. So much so, it is becoming exceedingly difficult for potential real estate buyers to find any “deals” or good values.
There has never been a phrase that has more connotations than the phrase “as is.” While many people believe that they understand what it means in the context of real estate transactions, often they are left wondering why their interpretation of the phrase is different than what is actually applied during a residential real estate transaction.
Certainly, everyone has been drastically affected by the COVID-19 crisis. Although we are all trying to work through this unprecedented event, everyone should take solace in the fact that we will get through it, and more importantly, we will find new and innovative ways for us to do business after the pandemic is over.
If you are about to purchase a home, or if you have ever purchased a home, you have undoubtedly been introduced to the concept of title insurance. Essentially, title insurance serves to make sure that there are no title defects, judgments, and/or liens against the property. While it is undeniable that title insurance is crucial and required when you purchase a home, the way it works is somewhat different than any other insurance you may have ever purchased.
It is a common myth that attorney review is limited to three (3) days. While, it is our practice to attempt to wrap up attorney review within this three (3) day period, we believe it is more important that the terms of the Contract be adjusted to properly serve our specific client before we deem attorney review concluded and subsequently labeling the transaction to be “under contract”.