BU Y ER’S GUIDE
Trump International Realty is known worldwide for its excellent service and expertise in the New Jersey and New York Real Estate Markets. Our agents’ in-depth real estate market knowledge, negotiating skills and top-tier services will make buying a home a pleasant experience. Our highly qualified agents provide each client with a home-buying experience that is professional, unique, engaging and fulfilling. This Buyer’s Guide will list key information to help you smoothly navigate the home buying process.
THE BUYING PRO CESS
1 Make a detailed list of your needs and place them in order of your level of importance. By doing so, your agent will be able to choose properties that line up with your budget and specific needs and desires.
2 After reviewing your priority list, your agent will conduct extensive research in our
exclusive database and present you with a variety of properties to choose from. We will then arrange a time for you to view them.
3 In today’s competitive Real Estate Market the Buyer with a Pre-Approval Letter
has a greater chance of securing their dream home. Obtaining a Pre-Approval Letter from a lender, mortgage broker, or bank may be required with an Offer to Purchase, especially when financing your loan is a condition to purchase the home. Cash Buyers should be prepared to provide Proof of Funds or a letter from your bank or other financial institution.
4 Once you have found your “dream home”, your Agent will prepare the Contract
of Sale. This contract is a standard form used by Real Estate professionals in the State of New Jersey. This contract will have all of the provisions of your offer; Offer Price, Down Payment, Deposit, Financing Terms and the Date of Closing. This contract and your Pre-Approval or proof of funds will be sent to the Seller’s Agent.
5 If the contract of sale is prepared by a Real Estate Licensee, it must contain a
provision known as the “attorney review clause” which provides that the Buyer and Seller have three (3) business days from the date that the completely signed contracts are delivered, to consult with an attorney. During this 3-day period, if you choose an attorney, he or she may propose revisions to the contract on your behalf or render it null or void. This review period may be extended by either attorney.
6 Once the Buyers Attorney receives the executed Contract of Sale, he/she will discuss it with you and prepare the Buyers’ Rider.
7 Upon completing all negotiations, your agent will prepare final version of
the Contract of Sale. The contract should set forth the following terms: The total price you agree to pay, the amount of down-payment, any escrowed deposits, anything in the house or attachments that you would like included, such as appliances, window treatments, chandeliers, fireplace tools, etc., the amount of time after the offer is accepted you will have to arrange financing, when the transaction will “close” or title will transfer, when you take possession of the property, provisions for Title searches, inspections and appraisal for the lender.
THE BUYING PRO CESS
8 Once the Attorney Review is completed the count-down for the Closing starts.
Typically 45-60 days is required for the process. The lender usually requires 30 days for a commitment. The next 10 days will be critical to complete the inspection, appraisal, application for the mortgage and the first deposit will be due.
9 Once
the attorney review is completed, the Contract is considered fullyexecuted and binding. The deposit is held by the Seller’s Attorney. If the buyer and seller decide not to use an Attorney the Contract is considered fully executed after 3 days and a Title company will normally handle the closing of the transaction.
1 0 As soon as the Contract of Sale is fully-executed, it must be forwarded to
your lender or bank. The approval process usually takes 30 to 45 days.
1 1 Resale Only Your Agent will inform you of any applications or documents required by the condominium association. You might be required to provide financial documents, tax returns, and any other ancillary documents needed to complete the application. Many applications have non-refundable fees. Condominium associations vary in requirements for applicants. These requirements should be available in the Covenants, Rules & Regulations supplied to your Attorney and you during the Attorney Review period. 1 2 Once your application, lender commitment letter, and all other necessary documents are completed, your attorney will schedule a Closing Date. 1 3 Prior to closing, you and your Real Estate Agent will walk through the
property to ensure that everything is in working order. At the closing table you will be joined by the buyer’s and seller’s attorney, seller, lender and management company representative, and both real estate agents. Prior to the closing your attorney will provide you with a closing cost document. Closings are generally held at the buyer’s attorney’s office.
E S T I M AT E D C L O S I N G C O S T S Buyer’s Attorney: $1,300 and up Bank Application Fee, Credit Report (on Each Applicant) Appraisal: $1500 and up Real Estate Tax Escrow: Banks will normally require 3 months in escrow Inspection: $300 and up depending on size of the property Title Insurance- Regulated by the State of NJ: Amounts vary by price Real Estate Tax Adjustment: Prorated accordingly Maintenance Fees: Prorated accordingly Utilities: Prorated accordingly if there is not a meter
SPECIAL CLOSING CHARGES Condo and Home Owner Association Initiation Charges : One to three months of maintenance fees - Dependent on the building Move-In Fee: Dependent on building - normally 200-400 Move-In Deposit: Dependent on Building normally refundable Mansion Tax: 1% of price when price is over $1 million Estimated closing cost are approximate and may vary. Please confirm closing costs for specific transactions with your attorney and/or mortgage representative.
T R U M P I N T E R N A T I O N A L R E A LT Y Full-ser vice brokerage company covering the State of New Jersey JERSEY CITY, NJ
COLTS NECK, NJ
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O N E T R U M P N AT I O N A L B O U L E VA R D , C O LT S N E C K , N E W J E R S E Y, 0 7 7 2 2 212.247.7100
Trump International Realty is a Licensed New Jersey Real Estate Broker. All information is from sources deemed reliable but subject to errors, omission, change of price, rental, prior sale, lease or financing, or withdrawal without notice. All measurements and other information are approximate and should be verified by your own attorney, architect or other professional. If your property is currently listed with another real estate broker, please disregard this offer. This is not intended to solicit property already listed. All material herein is intended for information purposes only and has been compiled from NJ Tax Records, NJMLS, Garden State MLS, Monmouth Ocean County MLS and HCMLS that are deemed reliable but not guaranteed. * Tax Rates should be verified at the County Assessor’s Office. Š 2019 Trump International Realty