Real Estate

 REAL ESTATE CLOSINGS

At Glyptislaw we realize that a home purchase is probably one of the biggest purchases a person will make in their lifetime.  We have been involved in residential real estate transactions for years and know the way to navigate a real estate transaction to a successful conclusion. 

 

Buying or selling a home can often be a complicated process requiring knowledge of New Jersey Real Estate law and procedures.  Without knowledge of how these transactions work, the whole process can become a nightmare.  It is very easy to get into trouble and expose yourself to legal liability if you adequately do not know what you are doing.  At Glyptislaw, we have the experience to take your real estate transaction to a successful conclusion and see the proposed property transfer to a successful completion.  

 

Initially, whether our client is provided a contract from the other party to the transaction for our review, or our client needs a contract drawn up, we can provide the required service to get the transaction off to a good start.  Our goal in looking at a proposed real estate contract is to make it a fair and equitable contract for all involved while making sure it is also a legally binding contract in compliance with New Jersey Real Estate Law.   The real estate sales contract is the heart of the transaction. Care must be taken for it to have the appropriate language in it so the transaction is completed smoothly.  

 

With the overall goal of making sure we protect our client as well as making the transaction go smoothly, we offer the following services regarding residential real estate transactions:  

 

We as we mentioned above, will either draw or review an existing contract.  There is a mandatory three-day attorney review period.  If the contract is drawn up by the other party, we will review the proposed real estate contract to be sure it is in our client’s best interests.   If not, we will propose modifications to the contract to make sure our client is adequately protected under the proposed contract. 

 

Our office can also assist our client with the title and transfer documents as well as assisting with issues regarding the mortgage and whatever else presents itself during the transaction.  In short, we assist and help with anything that comes up in the transaction and guide our client every step of the way. 

 

Of course, we are present at the closing and assist with any last minute issues that arise.   In short, when you bring Glyptislaw on board to your real estate transaction, you know you have a partner who will protect you every step of the way as well as making sure the transaction goes off smoothly.  Why worry and be concerned with the various issues that arise during the proposed real estate transaction, let us take that worry on and make it a smooth and pleasant transaction process for you. 

Loan Modifications

Financial problems like a job loss or other financial crisis can happen at any time. However it does not have to end up with your home being lost to foreclosure.  The strain that financial difficulties can place on family resources can sometimes be too much to bear.  Also, the stress that is placed upon a family to keep up mortgage payments can be great.  Unfortunately, mortgage payments do fall behind and of course the mortgage company still expects to be paid on time each and every month.  

 

Loan Modifications are a way to work out a mutually agreeable solution to the problem of falling behind on your mortgage payments.  No matter what type of Loan Modification program is selected, a Loan Modification allows the homeowner a way to rework the original loan into a form that the homeowner can handle.   The goal is to adjust the terms of your loan to be in line with your present financial abilities.  

 

When looking at Loan Modifications, one realizes that there are several ways to go.  Of course, you have the In House option, which is what most people think of when they think Loan Modifications.  Within the In House option, the lender and the homeowner rework the loan to adjust the terms of the loan.  Terms such as the interest rate and length of the loan in years are adjusted.  The end result is a loan that the homeowner can now handle even with their new financial limitations.  The only real negative usually is that the homeowner has a longer term in years to be making payments. 

 

Of course, there are other Loan Modification programs available.  For example, the Home Affordable Modification Program and its cousin, the Home Affordable Modification Program Tier 2 immediately come to mind.  Like the In House Loan Modification Program, loan requirements and terms are adjusted so as to help the homeowner be able to make their payments.  Often, delayed repayment as well as interest rate concessions and loan length are changed.  The concessions make the homeowner much less likely to lose their home, which is a win for both the lenders and the homeowner’s point of view.   

 

There is also another popular Loan Modification Program called the Shared Appreciation Modification Program.  In this one, the lender typically lowers the principal value of the loan to be more in line with market value of the home.  In return, the homeowner agrees to share a percentage of the future equity of the property with the lender.  Again, the result is that the homeowner is afforded the opportunity to remain in their home and the lender gets to possibly get a windfall payment upon the future sale of the home.  It seems that, again, both parties come out ahead of the game.  The homeowner gets to remain in their home and the lender not only avoids having the property returned to them, they ensure continued payment from the homeowner as well as a future share in the increased equity of the home upon sale.  

 

These are some of the Loan Modification programs available.  It is critical for the individual applying for a Loan Modification to realize that getting one of these programs is not a cakewalk.  There are demands and pitfalls that the homeowner is exposed to.  Any of these pitfalls can doom their application and make it ultimately unsuccessful.  While the Loan Modification process is ongoing, the homeowner has to be sure they keep up their regular payments. 

 

 In addition, another potential pitfall is that the homeowner is required to deliver a voluminous amount of paperwork somewhat like the process they had to go through when they originally applied for their loan.  In addition, since the Loan Modification process takes time, they have to keep the documents they provide for their Loan Modification application current.  Often, the documents have to be very recent and the Loan Modification applicant has to keep updating their paperwork just as when they originally applied for their original loan. 

 

At Glyptislaw, we realize that the Loan Modification process is not only time consuming but filled with difficulties that could easily ruin a homeowner’s attempt at successful completion of the application process.  We interceed for the homeowner and handle the process for them.  In doing so, we often can avoid and successfully finish what the inexperienced homeowner would often fail at.  

 

Remember, the Loan Modification process is not only demanding and lengthy, it can also be very costly.  You see, while the homeowner is going thru the process in a trial and error fashion, the Fees that the lender charges keep accumulating.  This can make it alI much more expensive for a homeowner to go thru it as opposed to our firm.  We will get it done faster which in turn saves you time and a lot of money.  In addition, having our firm handle the process will give you a better chance at success because, simply, you are not guaranteed to be approved. 

TAX ASSESSMENT APPEALS

Nobody likes paying more for their property tax.  One of the ways a municipal government raises your taxes is thru the process of reassessing your home’s value for tax purposes.  Invariably, the assessors who usually are a private company will come up with an assessment that is higher than it should be.  When your property is assessed to a higher value, your taxes get raised.  Unfortunately, when this happens it causes some financial distress and slowly erodes away your ability to keep you home.  

 

If you feel that your taxes have been raised to a level that you object to, call Glyptislaw. We will represent you in an appeal of your tax assessment.  We will take care of the paperwork and enter into a negotiation with the municipal authority to get your taxes to a realistic level.  

 

In our negotiation, our goal is to show the municipal authority that your taxes are unfair and that you deserve a reduction.  We offer a flat fee for this service and know how to go about proving you deserve a reduction.  Let us get your taxes lowered.