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"Closing"Closings normally take place at the buyers' New Jersey Real Estate lawyer office. The most common issues encountered and addressed just prior to or at the actual closing are as follows: delays; whether seller did not move out or buyers' lender is not ready; walk through problems. Delays In some instances the time period in the contract to complete the transaction has come and gone and one party is ready to while the other is not. If seller is ready and buyer is not then the reason is usually that the mortgage lender is not ready to fund the loan. If buyer is ready and seller is not then the reason is usually that the seller has not been able to schedule the move in time. The non breaching party only recourse is to file what is known as Time of Essence Notice. Time of Essence notice lets the breaching party know that time is now of the essence to the non breaching party to buy or sell and it gives the breaching party up to 14 days to buy or sell or be subject to the non breaching party's damages. If the breaching party does not buy or sell within that two week period then he or she is responsible for all of the non breaching party's damages subject to the non breaching party's duty to mitigate their damages. Walk Through A walk through gives buyers an opportunity to view the home and property - in New Brunswick or Monroe, let's say - one final time before they buy. Sometimes buyers discover during their walk through certain defects that were either caused during the sellers' move or did not exist or were concealed during the inspection stage of the transaction. Sellers sometimes take the position that the discovered problem is as a result of normal "wear and tear." Usually, however, this issue is resolved by way of a negotiated credit or sometimes by holding an escrow for the defect to be repaired after the sale.
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