Buying a new home in New Jersey is a difficult task. You have to contend with a very aggressive market in many of the best neighborhoods, which means there may be multiple other buyers bidding on the same properties as you.
Many people looking to buy their first home or to upgrade into a property that better fits their current lifestyle find that the process takes a lot longer than it would have only a few years ago.
If you made a successful offer on a property and have gone through closing, you might believe that the worst is already behind you. However, there are often complications that occur between closing and possession that require persistence and even legal assistance.
It’s possible the sellers won’t find a place to move
With a very competitive real estate market, people see an opportunity to make money off of their family home. Less inventory on the market means higher demand and higher prices. People may get so excited about the increased value of their home that they don’t ever stop to consider the fact that they will need to buy a new house in the same, highly competitive market.
Sometimes, people sell their homes and then realize that they have nowhere to go. They may not be able to move into a rental or may not have family members nearby who will allow them to stay while they look for a new home. In other words, you may be getting ready to move in, but the sellers just aren’t ready to move out.
Typically, there is a clause in your purchase agreement for the home that outlines the obligation of the seller to pay you a specific fee for every day beyond the date of possession that they stay in the property. However, some buyers don’t assess a fee in their offer on the property in the hope of improving their chances of making a successful offer. You may have to evict the previous owner.
There could be latent defects to the home or even the title
Sometimes, people selling their homes intentionally avoid disclosing issues with the property in order to ensure a quick sale or command the highest price possible. Not telling you about a sinking foundation or about the fact that the property was rezoned to commercial only could mean that the house is effectively unusable for you.
In that situation, you may need to take legal action against the seller or the real estate agent who represented them to invalidate the purchase or recoup the cost of repairing the defect. If there is a title defect, which is relatively common in families that have divorced or blended families who dispose of real estate during an estate, you will likely need an attorney to represent you in the title dispute.
Whether you can’t take possession of the home, had found a serious defect or receive notice that someone else has an ownership interest in the property you just purchased, talking with an experienced New Jersey real estate attorney can help you strategize for a way to solve the problem and move on with your life.