Real Estate Lawyer in Paterson, NJ

Buying a home or investment property is one of the most important financial decisions you may make. At Salomon & Aquino, LLC, we represent lenders, borrowers, buyers, and sellers in a variety of residential and commercial real estate transactions.

From the first call, our real estate lawyer in Paterson, NJ works with you to review the contract, explain its terms, and help you understand the transaction. We can meet with clients in person, by phone, or through email, depending on what is most convenient.

We also communicate with the other attorney and real estate professionals involved in the transaction to help keep the process organized and ensure clear communication from beginning to end.

Understanding New Jersey Residential Real Estate Transactions

Attorney Review

In a New Jersey residential real estate transaction, you generally have three business days from the date you sign the broker’s contract of sale to retain an attorney. This period is known as attorney review. During this time, the buyer or seller may cancel the contract. Once attorney review is completed, the contract becomes binding based on the agreed terms.

Our real estate lawyer in Paterson, NJ reviews the contract carefully and, when appropriate, prepares riders or amendments that reflect the specific needs of your transaction.

Home Inspection

After attorney review, buyers typically complete a physical inspection of the property, usually within 10 to 14 days. Depending on the property, inspections may include:

• Structural inspection
• Wood-destroying insect inspection
• Radon inspection
• Tank sweep for abandoned oil storage tanks
• Additional environmental testing when appropriate

We recommend attending the inspection personally and keeping photographs and documentation of any issues identified. After the inspection, our team can review your concerns and communicate with the seller’s attorney regarding items that may need to be addressed.

Mortgage Process

During and after attorney review, buyers typically work with their lender to obtain a mortgage commitment. Once financing requirements are satisfied, the transaction can move toward closing.

Our Paterson real estate team provides guidance throughout the process, helping clients understand each stage of their New Jersey residential real estate transaction.

What Is a Short Sale Real Estate Transaction in New Jersey?

A short sale may occur when a homeowner owes more on a mortgage than the current value of the property. Because the lender holds the mortgage, the seller generally needs the lender’s approval to complete the sale for less than the amount owed.

The approval process can take several months, and the lender may determine what terms it is willing to accept. In many short sale transactions, the property is sold "as is," which may limit the seller’s ability to make repairs or address issues identified during a home inspection.

Buyers considering a short sale should be prepared for a process that may require additional time and flexibility. Our real estate lawyer in Paterson, NJ can help clients understand the transaction, review the contract, and guide them through the process.

What Is a Bank-Owned Real Estate Transaction?

A bank-owned sale occurs when a bank owns a distressed property, usually after foreclosure, and offers it for sale. These transactions can differ from traditional residential purchases and may involve stricter contractual requirements.

Important considerations can include:

• Time of the essence: Bank-owned contracts may require the closing to occur by a specific date. Missing that deadline could result in financial penalties or other contractual consequences.
• Municipal requirements: Buyers may be responsible for satisfying certain municipal requirements, including obtaining a certificate of occupancy or smoke certification when applicable. The contract should be reviewed carefully to determine each party’s responsibilities.
• Home inspection: Buyers may still conduct a home inspection, but bank-owned properties are often sold "as is." Inspection rights and deadlines may also be more limited than in a traditional transaction.

Because bank-owned transactions can involve additional requirements and strict deadlines, understanding the contract before moving forward is especially important.

Speak With a Real Estate Lawyer in Paterson, NJ

Whether you are buying your first home, investing in property, or preparing for a real estate transaction, our team can provide clear legal guidance throughout the process. A real estate lawyer in Paterson, NJ can help you understand your contract, review important details, and address questions that may arise before closing.

Call 862-418-1336 or use our online contact form to schedule a free 30-minute consultation with our real estate team.