- Of Counsel
The real estate market has been charging back from the Recession of 2008. Real property values have increased and with the economy continuing to improve, those considering purchasing new homes have begun to do so and take advantage of continued, historically low mortgage interest rates.
Whenever a contract of sale is signed by a purchaser, care should be taken with regard to the mortgage financing contingency. Not only does the purchaser have to determine the amount of the mortgage loan she or he will require, but they should also be concerned that the property will support the mortgage loan. This is determined when the lender, following the filing of a mortgage application, orders and obtains an appraisal of the real estate. Lately, it is not uncommon to see buyers who fail to qualify for their mortgage loan as a result of a real estate appraisal that was below the agreed-upon purchase price.
To minimize disputes over the termination of the contract of sale due to the failure to obtain a mortgage commitment, we advise our clients to attempt to negotiate with the seller additional contingency language as it pertains to the mortgage loan. The contingency language would protect the purchaser should the property appraisal amount be lower than the purchase price.
UrbanPromise Trenton is a non-profit, “for promise” organization providing free After School drop-in and Summer Camp programs to the youth of Trenton. UrbanPromise Trenton equips participants with the skills necessary for academic achievement, spiritual growth, life management, and Christian leadership. UrbanPromise Trenton also employs Trenton teens in their StreetLeader program where teens are mentors and leaders to the younger children in the programs.
Mr. Hammett joined Mason Griffin & Pierson P.C. in 2018 and practices in the field of Trusts and Estates; Real Estate; Business Law; and Chancery Court Practice.
To learn more about UrbanPromise Trenton, please visit www.urbanpromisetrenton.org.
We are pleased to announce that firm attorney Anthony R. Todaro has been appointed as Planning Board attorney in the Borough of High Bridge (Hunterdon County).
We are pleased to announce that firm attorney Anthony R. Todaro has been appointed as Zoning Board attorney in Hamilton Township (Mercer County).
The mission of the Hunterdon Land Trust is to preserve the integrity of the rural landscapes in the Hunterdon County region by protecting/enhancing natural resources and the cultural landscape of the historic Dvoor Farm for public enjoyment and education. The Land Trust has helped protect more than 10,280 acres of farmland and open space and owns and manages nature preserves throughout Hunterdon County.
To learn more about HLT, visit:
Trishka Waterbury Cecil, Of Counsel with the Firm, has completed her annual Year-End Law Review for 2020 (a/k/a the “Big Book”) which is now available for members on the New Jersey Institute of Local Government Attorneys (NJILGA) website: https://www.njilga.org/. At a webinar presented on November 19, 2020 at the New Jersey State League of Municipalities Virtual Conference, Trishka (NJILGA Past President) and Steve Goodell (Treasurer), highlighted and discussed selected local government cases from the past year and entertained questions and comments from attendees.
Sharon Dragan, a Director with the Firm, has recently been elected to serve as Secretary for the NJ Institute of Local Government Attorneys in 2021. For more information about the NJILGA, see
Click Link Here to read important information regarding the Families First Coronavirus Response Act.