I’m currently involved in a Hoboken real estate transaction where the buyer had to change their attorney during the attorney review period. Basically they were using an attorney from out of the area who really didn’t know the process of handling a New Jersey real estate transaction. After 10 days of being in “attorney review” (the average period of time is about 5 business days), they changed lawyers to a local Hoboken real estate attorney to expedite the process. Below are a few points from my experience of helping Hoboken buyers and sellers that may be useful to you in selecting an attorney.
Are you required to use an Attorney in New Jersey Real Estate Transaction?
The simple answer is, No. Should you use one? Absolutely. You are buying a property and spending hundreds of thousands of dollars. It is worth the cost to have legal protection, especially if the other party has a lawyer representing them. I recently spoke with a Hoboken real estate attorney who said that if a buyer chooses to represent themselves, they forgo the “attorney review period” in the contract and accept the contract “as is.” Only an attorney can legally amend the contract. In my 7+ years in the real estate industry, only once did I come across a buyer who wanted to represent themselves. After they realized the liabilities by not using one, they quickly found representation.
Tips when selecting an attorney for your Hoboken condo transaction
You may want to….
- Use an attorney who mainly practices real estate law and knows the process. I have seen buyers and sellers use lawyers who are personal injury attorneys to criminal attorneys. Many times these lawyers are in court and hard to get on the phone to handle your transaction.
- Use an attorney from New Jersey or from the local Hoboken real estate market. Many times the other party in the transaction will use a local real estate attorney. This can make the communication between the lawyers go much faster and smoother. Also, they may have already worked with each other in the past.
- Use an attorney who communicates well over email. This can greatly expedite the closing process.
- Ask for a recommendation. Many times friends or neighbors may have used someone they have a great experience with.
- Ask your Realtor. By law, they have to give out at least 3 choices to you. If you need any recommendations, please feel free to contact me. I’ll be happy to email you some great lawyers I have personally dealt with in the Hoboken area.