Find out the 10 biggest mistakes for home buyers and how to avoid them!
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Do I need to obtain a Certificate of Occupancy?
February 19th, 2010
You will need to check with the municipality where the home is located. Some require that the Seller obtain the Certificate of Occupancy (CO) prior to closing and some don’t. There can be unique requirements, for example, Maplewood requires that the Buyer, not the Seller, obtain the CO. All municipalities require that the Seller obtain a CO in the case of new construction.
You don’t want to wait until the last minute to obtain a CO, because the municipality may require you to make certain repairs to the home before they’ll issue the CO. This will probably require a re inspection, and may take time. You can’t close on the property without a CO, if it’s required by the municipality.
If you have any questions, please call me.
Marty Eagan
Attorney at Law
Morristown, NJ
973-898-7300 x126
Why do I need a survey of the property I’m buying?
February 2nd, 2010
This is a good question that I hear often. When you purchase a home you are buying the rights of the land, the air and any physical improvements that were done. You will want to know the exact property lines (also known as metes and bounds). Your attorney will review the survey and let you know if the neighboring properties are encroaching on your property. This can be in the form of a fence, a driveway, landscaping, etc. These issues pass to you if they are not addressed before your transaction closes. As your real estate attorney, I would help you negotiate correcting any of these issues.
A survey gives you, the buyer, the piece of mind that the property you are buying is clearly identified and that you are fully aware of any encumbrances that may exist.
Call me if you have any questions about this article.
Martin D. Eagan
52 Maple Avenue
Morristown, NJ 07960
973-898-7300 x126.
Marty@MartyEagan.com
www.MartyEagan.com
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