Buyer's Guide
Your Complete Guide to Buying with Confidence
With Liana Chiun Lee by your side, finding your dream home is effortless. Trust her expertise to guide you through every step, securing your perfect property at the best value.
10 Steps to Buying Success
Offer & Contract
Attorney Review
Down Payment
Home Inspection
Mortgage Process
Title Search
Certificate of Occupancy
Closing Disclosure
Final Walkthrough
Closing
Understanding Each Step
Step 1: Offer & Contract
Communicate your intent to purchase to the seller with a comprehensive 13-page NJ standard real estate contract. Must include bank statement or mortgage pre-approval. Seller can accept, deny, or counter your offer.
Step 2: Attorney Review
Automatically starts after contract signing. Your attorney reviews all legal aspects of the contract, typically taking 3-5 days. Direct communication with your attorney throughout this period.
Step 3: Down Payment
Typically 20% recommended, though FHA mortgages can start at 3.5%. Paid in two installments to the seller's attorney. This demonstrates your commitment to the purchase.
Step 4: Home Inspection
Conducted within 10 days of Attorney Review. Identifies any property issues. Basic inspections include home, radon, and termite. Optional additional inspections are available based on property needs.
Step 5: Mortgage Process
Request mortgage after Attorney Review. Third-party property appraisal will be conducted. Receive mortgage commitment letter and lock your interest rate within 30 days of closing.
Step 6: Title Search
Investigates potential property ownership obstacles including liens, tax issues, and restrictions. Ensures a 'Clean Title' for safe ownership transfer. Title insurance is strongly recommended.
Step 7: Certificate of Occupancy
Town government safety inspection checking all safety equipment. Required before closing. Seller typically obtains this certificate, ensuring the property meets all local safety codes.
Step 8: Closing Disclosure
Received 1-2 days before closing. Details the final transaction including all costs and fees. Review carefully with the title company and transfer funds to the escrow account.
Step 9: Final Walkthrough
Your last opportunity to inspect the property before closing. Verify all agreed-upon repairs are completed and the property condition matches expectations.
Step 10: Closing
The final step where you sign all documents, transfer funds, and receive the keys to your new home. Congratulations on your new property!
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