Search Site
Real Estate Buyer Tips

Tips for Buyers of Residential Real Estate

Buying a new home is an exciting, but sometimes overwhelming process for both first-time buyers and experienced buyers. By becoming informed about the home-buying process and staying organized, buyers will ensure a successful and less stressful experience. Buyers may wish to consider the following:

Let your attorney know you are planning to buy a home or that a fully executed contract is expected

Once a contract is signed by buyer and seller, the parties have three days to have the contract reviewed by an attorney. This three-day time frame is the attorney review (AR) period. During attorney review, your attorney will review the contract, discuss recommended modifications to the contract and any special concerns you may want to address, and disapprove of the contract in its present form subject to changes. If the contract is not reviewed and disapproved in writing within this time period, the contract becomes binding as written. Having legal representation from the start of your real estate transaction ensures that your interests are protected. Your attorney will negotiate contract and inspection issues on your behalf, make you aware of laws and regulations affecting your purchase, review your mortgage loan documents, obtain title searches and address any title issues, keep you informed of deadlines, and facilitate closing of your mortgage loan and title to your new home.

Seek the services of a realtor

An experienced real estate professional is a valuable resource for a buyer. Finding a realtor who knows the areas you are considering and is committed to helping you find a home that meets your needs and expectations is a key decision for any buyer. Realtors provide background about communities, including information about schools, taxes and local zoning issues. They also narrow down the search for homes in your price range with your desired features, assist with the offer process and negotiations, and offer data on local market conditions and comparable sales.

Obtain a mortgage pre-approval letter

A pre-approval letter can be issued to a potential buyer before the buyer starts searching for a home. This letter shows sellers that the buyer is serious and qualified. A buyer is not obligated to obtain a mortgage from the lender that issues the letter. It simply gives buyer an idea of the amount of mortgage financing for which the buyer is qualified.

Organize finances and paperwork/apply for a mortgage

Once there is a binding contract, a buyer has a certain amount of time within which to obtain a mortgage commitment (this is not the pre-approval). Having paperwork in order makes the mortgage application and commitment process go more smoothly. When you begin your search for a new home, shop around for interest rates, speak with different lenders about closing costs, and organize paperwork such as tax returns, pay stubs, and bank and investment account statements. When a buyer applies for a mortgage, the lender will provide a good faith estimate of closing costs so that buyer may budget accordingly.

Be prepared to make a deposit

It is customary for buyers to make a good faith deposit of approximately $1,000 at the time the contract is signed and an additional deposit within a week or so after the end of attorney review.

Consider contract term requirements.

While your attorney will likely suggest modifications to the contract during the attorney review period, knowing the terms that are negotiable and any that might be deal-breakers at the time you make an offer will avoid future misunderstandings. For example, consider your preferred closing date, deposit amount, mortgage amount, fixtures and appliances included and excluded from the sale, and any special contingencies you may require such as a house sale contingency. Which terms are sticking points for you? Which terms are you willing and able to negotiate?

Request a Seller’s Disclosure Statement

While sellers of residential real estate in New Jersey are not legally required to complete the Disclosure, a seller has a duty to disclose known defects and may be liable for misrepresentations. Most sellers will not object to providing it, and having the Disclosure is helpful to buyers and their home inspectors.

Inquire about environmental and other issues impacting the property

Even if a Seller’s Disclosure Statement is provided, buyer should ask for information and representations from seller about issues impacting the structural and environmental safety and integrity of the property. Such issues include the existence of underground storage tanks, radon, mold, asbestos, lead paint, EIFS siding, water infiltration and damage, and wood-boring insects. A buyer will want to know if seller is aware of any past remediation of any of these issues and ask for documentation of the same. Buyer will also want to know whether seller obtained required permits and approvals for alterations and improvements to the property and request copies of these documents. There may also be existing warranties on appliances and major systems as well as transferrable service warranties.

Get recommendations for inspectors

Once out of AR, buyer has a limited time period within which to obtain inspections of the property and ask seller to address any issues. Typical inspections include structural, mechanical, radon, pest, lead paint (if the house was built prior to 1978), well, and septic. Sometimes further inspections are necessary, such as for mold, asbestos and underground storage tanks. If the municipality where the property is located requires a certificate of occupancy upon resale, the seller ordinarily obtains the municipal inspection and is responsible for addressing any code violations. All sellers must obtain municipal certifications for smoke alarms, carbon monoxide detectors and fire extinguishers.

Inquire about title issues

When considering a property, inquire about any issues impacting title such as encroachments, easements, and restrictions. Once a contract is finalized, buyer’s attorney will order title searches which will reveal any issues with the title, but asking about any known title issues in advance may eliminate surprises.

Review homeowner or condominium association documents

If the home is governed by an association, Buyer should request an opportunity to review all governing documents, as well as information about association dues and assessments.

  • Zuckerman Joins Firm

    Elizabeth Zuckerman has been named Of Counsel to the Princeton law firm, Mason, Griffin & Pierson, P.C, and will lead its Employment Law section. Ms. Zuckerman received a J.D. from the University of California at Davis School of Law where she served as Executive Editor for the Law Review. In 1997, Ms. Zuckerman co-founded the employment law firm of Zuckerman & Fisher, LLC, focusing her practice on employee rights. Ms. Zuckerman is admitted to practice law in New Jersey, the Third Circuit, and the U.S. Supreme Court. She will continue to practice in the areas of employment law, employee rights and appellate practice. Ms. Zuckerman serves on the Executive Committee of the New Jersey chapter of the National Employment Lawyers Association and is a member of the New Jersey State and American Bar Associations.

  • MG&P Celebrates 65th Anniversary

    Mason, Griffin & Pierson is celebrating its sixty-fifth anniversary. Since its founding in 1955, the firm has evolved from a two-man general practice partnership to a mid-size professional corporation which continues a general practice but has developed specific areas of concentration. The firm has been an integral part of central New Jersey over the past sixty-five years. The firm's first municipal client, Princeton, remains a client today, along with other municipalities and governing bodies in Mercer, Somerset, Middlesex, Hunterdon, Camden and Gloucester counties. Two of the firm's attorneys have served as President of the Mercer County Bar Association and, in 2001, the firm received the Community Partner Award from Mercer County Bar Foundation. Four of the firm's attorneys have been honored with the Fred G. Stickel Award for Excellence in Municipal Law and Service to the Legal Profession.

  • Princeton Adult Education Class - Know Your Rights as an Employee

    Elizabeth Zuckerman will be an instructor for the Princeton Adult Education course, Know Your Rights as an Employee. The 3-session course starts on February 11 and will explore topics including sexual harassment, discrimination, medical marijuana in the workplace, whistle-blower claims, NJ’s newly enacted Wage Theft Act, Federal and State family leave acts, and other laws that protect employees. Ms. Zuckerman has been practicing employment law for thirty years in Princeton and serves on the Executive Committee of the New Jersey chapter of the National Employment Lawyers Association. For more information visit

  • Welcome New Municipal Clients

    MG&P starts the new year with new municipal clients. Kevin Van Hise has been appointed as the attorney for the West Amwell Township Zoning Board of Adjustment and Edwin Schmierer was recently retained by the Borough of Elmwood to serve as Special Counsel.

  • New Jersey Supreme Court Case

    Elizabeth Zuckerman will be arguing in the NJ Supreme Court on February 3rd, in the case of Wild v. Carriage Funeral Holdings, Inc. The case involves the issue of whether an employee who uses medical marijuana can be terminated for failing a drug test. Ms. Zuckerman will be arguing on behalf of Amicus NELA-NJ.

  • Montgomery Township Education Foundation

    Mason, Griffin & Pierson is pleased to sponsor Montgomery Township Education Foundation. The Foundation's fundraiser takes place on the evening of March 14 at Cherry Valley Country Club in Skillman, New Jersey. The Foundation is an independent, non-profit organization set up to support strategic programs for the benefit of the Montgomery Township public school children. For more information go to

  • The SECURE Act - Effective 1/1/2020

    The SECURE ACT changes the age for required minimum distributions (RMDs) for traditional IRAs from 70 ½ to 72. The new rules allow an individual of any age to make contributions to a traditional IRA, as long as the individual has earned income from wages or self-employment. The Act also affects beneficiaries of inherited IRAs. Other than a few exceptions, inherited IRAs (for deaths of IRA owners on or after 1/1/2020) are now required to be completely distributed within ten years following the death of the original account owner. In view of this significant change for inherited IRAs, estate plans put in place prior to the SECURE ACT may need to be revisited. Read more here.