As the active spring real estate market is rapidly approaching, there are important elements for both buyers and sellers alike to keep in mind, so says Matt Coppolecchia, Esq., specialist in Residential and Commercial Real Estate transactions at Summit-based Avelino & Hartlaub, LLP, a full-service law firm.
According to Coppolecchia, buyers need to remember the following:
- Check their emotions at the front door of your perspective new home.
- Manage their expectations. Make decisions on facts, not emotions.
- That they are Buying the property, not the sellers themselves, nor the color of the bedrooms, but the actual property and need to ensure it works for their family’s needs.
- Know their current financial situation and have all relevant documents.
- Don’t leverage beyond their means or compromise too much.
- A rough outline of a Buyer’s typical expenses:
- Home inspection
- Origination/Securing a loan
- Title Work and Survey
- Attorney fee
- Real Estate Taxes
- Sewer Charges
- Recording fees for the Deed and Mortgage
- Moving costs
- Mansion tax in NJ
For those considering selling their house this year:
- Get all home documents in order: Survey, deed, Title policy, warranties for any products or services their house uses
- Know the local Real Estate climate and local comps in their neighborhood
- Costs to consider:
- Transfer Tax
- Mortgage Pay off/ Line of Credit Pay off (if applicable)
- Attorney Fee
Avelino & Hartlaub’s primary practice areas include: Real Estate; Wills, Trusts and Estates; Elder Law; Corporate Law; Land Use & Zoning; and Litigation. While the scope of the firm’s services is wide, a key differentiator of the new firm is the insight, dedication to excellence, and commitment to client service within each area.
Matthew Coppolecchia, Esq.
Matthew Coppolecchia graduated from the Pennsylvania State University with a Bachelor of Science degree in 1997, and received his Juris Doctor degree from Pace University School of Law in 2002. He was admitted to the New Jersey Bar and the United States District Court for the District of New Jersey in 2004, and admitted to the United States Tax Court in 2006.