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Lease Reviews
Buy Sell Agreements
Prenuptial Agreements
Commercial Distribution
Agreements
Employments Agreements
Independent Contractor Agreements
Restrictive Covenants
Sale/Purchase of Business
Business Litigation
Commercial Disputes
Personal Injuries
Slip and Fall
Automobile Accidents
Family
Restrictive Covenants
Estate
Partnership
Agreements
Creation of LLC
Operating Agreements
Wills
Estate Administration
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The
Levine Law Firm LLC.
 0-99 Plaza Rd
Fair Lawn, NJ 07410
Tel: 201-794-1100
Fax:201-794-7470 |
Frequently Asked
Questions for buying a home.
Frequently Asked
Questions for selling a home. |
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Selling a Home
Selling a home is an exciting but
complicated process. This firm will help
guide you from contract to closing. When
a potential buyer puts an offer in
writing and you accept it, the signed
acceptance becomes the sales contract.
Once the real estate agent draws up the
initial contract it will be submitted to
your attorney to review the contract and
protect your interests.
Issues that should be addressed during
attorney review:
Sales Price
Importance of the Initial Deposit and
time for payment
Importance of the Buyer’s Mortgage
Amount
Closing Date (And any contingencies,
such as
Items included or excluded in the sale
price (appliances, light fixtures,
window treatments, carpeting,, heating
oil,
The date of possession (usually the
closing date)
Inspection contingencies
Municipal Requirements (Certificate of
Occupancy, Carbon Monoxide Detector,
Smoke Detector, Fire Extinguisher
Requirements)
Tax Implications
Selling a home can have a major impact
on your federal and state tax returns.
Check with your tax consultant on the
factors that may affect taxes resulting
from the sale of your home.
For example:
Whether you purchased the home or
acquired it by gift or inheritance
Whether you used your home partly for
business or rental costs associated with
selling your home
Home improvements or additions, which
may help to offset capital gains the
sale of your home. In certain cases you
can exclude up to $250,000 in gain
($500,000 for married couples filing a
joint return) on the sale of property
that was your principal residence for at
least two of the last five years.
Documents Required:
Following Attorney Review, you will be
asked to provide a copy of your Deed,
survey (or survey certificate if it is a
condominium), and title insurance policy
to provide to the Buyer, as well as any
guaranties and warranties on appliances
(if these documents are available).
Also, if your property is a condominium
or townhouse, you will be asked to
provide contact information for the
Community Association, so the Buyer can
obtain a copy of the bylaws, financial
statements, insurance information and a
Closing Statement that will confirm when
monthly maintenance is paid through, as
well as any move in/out fees.
Upon the conclusion of attorney review,
we provide you with a checklist of
things you must perform so that the
process can be completed with greater
ease. We also provide a questionnaire
that we would ask you to complete and
return to us. The Questionnaire includes
information necessary to finalize the
closing and have any existing mortgages
against the property paid off and
satisfied in full.
What are my expected closing costs?
Your biggest closing expense will be
paying off any existing mortgages. You
will be asked to provide your loan
information in order for the Buyers
attorney to payoff your mortgage at
closing.
If you have used the services of a
realtor, the real estate commission will
be due at closing and paid out of the
proceeds. After paying your attorney’s
fees, the balance of the proceeds will
be provided to you.
Realty Transfer Fee
- disabled, senior discounts
Real Estate Agent’s Commission
You will also have to pay whatever real
estate commission that you agreed to pay
at the time you listed the property for
sale.
Attorneys Fees.
Attorneys fees are paid at closing. Our
fees are usually on a flat fee basis;
however, some transactions may require
an hourly fee arrangement. Please
contact this office directly to find out
the rate for the purchase of your future
home.
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