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Old 10-03-2019, 10:55 PM
 
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How do real estate closings work in NJ? What were your experiences at real estate closings?
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Old 10-04-2019, 12:12 AM
 
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The sellers lawyer and the buyers lawyer get all the details hashed out during the document review process. The buyer's inspector sends in all their documentation and any last minute credits or other adjustments. Eventually it's all settled and the seller signs their version of the paperwork and turns it over to their lawyer.

The seller's lawyer sends the paperwork to the buyer's lawyer and they send it on to the buyer's realtor. The realtor calls the buyer and the buyer comes in, signs everything, and gets the keys. The house is sold.

My experience was 20 minutes in my realtor's office signing some stuff, I got a nice keychain and some free pens to go with the keys.
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Old 10-04-2019, 05:05 AM
 
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Pay $$$. Close. Profit.
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Old 10-04-2019, 06:55 AM
 
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Oh, almost forgot. Then we went for ice cream!
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Old 10-04-2019, 07:56 PM
 
Location: New Jersey
2,063 posts, read 4,284,801 times
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  • Both parties agree to a price and sign on the contract
  • Attorney review
  • Inspection
  • Seller addresses inspection issues and/or gives a credit to the buyers
  • Buyer secures loan commitment
  • Title check and insurance; property survey, etc.
  • Closing (most often in buyers' attorney office)

The process could take anywhere from 30-45 days. I've heard it is much quicker in some other states.
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Old 10-06-2019, 06:50 PM
 
Location: Coastal New Jersey
58,533 posts, read 56,441,297 times
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Quote:
Originally Posted by jaymoney View Post
The sellers lawyer and the buyers lawyer get all the details hashed out during the document review process. The buyer's inspector sends in all their documentation and any last minute credits or other adjustments. Eventually it's all settled and the seller signs their version of the paperwork and turns it over to their lawyer.

The seller's lawyer sends the paperwork to the buyer's lawyer and they send it on to the buyer's realtor. The realtor calls the buyer and the buyer comes in, signs everything, and gets the keys. The house is sold.

My experience was 20 minutes in my realtor's office signing some stuff, I got a nice keychain and some free pens to go with the keys.
I had to go to the lawyer's office, not the RE office.

Hadn't eaten all day. It was my first (and only lol) purchase of a home, a condo. I was 52 and had to figure it all out myself. I never thought it would be possible to have a place of my own, but damn, I did it.

I closed around 5:30 in the afternoon, and I was starving by then. I went to my new place with the keys, opened the door, walked around, and wondered how to get rid of the smell of kimchi.

Then I went to the diner with my laptop and emailed my sibs to let them know I'd closed while I waited for my food.
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Old 10-06-2019, 08:00 PM
 
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Next time I suggest ice cream after opening all the windows!
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Old 10-06-2019, 09:28 PM
 
Location: Coastal New Jersey
58,533 posts, read 56,441,297 times
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Quote:
Originally Posted by jaymoney View Post
Next time I suggest ice cream after opening all the windows!
Haha, as I said, I had gone all day without eating, not knowing when/if I was going to close that day.

I got a burger and fries.

But, after I moved in, I did discover a good homemade ice cream shop a mile away.
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Old 10-09-2019, 09:01 AM
 
117 posts, read 182,288 times
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I just closed on a condo in NJ this week. We had a 10am meeting time that started about 15 mins late. I think I was done by 11am. Just a lot of signing documents with my attorney present, and also a rep from the settlement agency.

I brought with me 2 forms of ID and a cashiers check (not personal check) for the remaining balance of my down payment plus any closing fees.

It was very straightforward - I was expecting something more complicated.
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Old 10-09-2019, 09:20 AM
 
Location: Weehawken, NJ
172 posts, read 181,407 times
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Quote:
Originally Posted by davenj08 View Post
  • Both parties agree to a price and sign on the contract
  • Attorney review
  • Inspection
  • Seller addresses inspection issues and/or gives a credit to the buyers
  • Buyer secures loan commitment
  • Title check and insurance; property survey, etc.
  • Closing (most often in buyers' attorney office)

The process could take anywhere from 30-45 days. I've heard it is much quicker in some other states.
This is it, then at the day of closing you will need to bring two forms of ID and a Certified check for the balance of your down payment. At your attorneys office your agent should be there, your attorney, and the sellers title company will most likely be there to act as the closing agent. You sign a ton of documents that your attorney will briefly explain each document, get your copies, keys and off you go. Your agent gets their check from the title company and the deal is done. The whole process shouldn't take longer than 1 hour.
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