Legal Question in Real Estate Law in New Jersey

Re: real estate closing

The clear answer is maybe. Depends on the town and what they require. Can an escrow be set up? To many questions for a really clear answer.

Re: real estate closing

Most contracts provide for the seller to obtain a Certificate of Continued Occupancy on behalf of the buyer if the municipality requires one. If the contract is silent on the issue and there are defects that would prevent the issuance of an original certificate, an argument is the likely result. If the municipality requires a CO and the premises does not qualify, seller may be in breach or may simply have the option to back out of the contract depending on what the contract says. However, once the buyer accepts a deed offered by seller, the requirements of the contract generally "merge into the deed" and the buyer thereafter loses the right to protest most defects in the property. That is why the title examination and physical inspections are done prior to settlement. The exceptions are for explicit warranties and representations that are specifically said to "survive settlement."

So, it depends. If you have a specific problem, discuss it with a lawyer. If you don't have a lawyer who regularly handles your business, feel free to call me.

See also: http://info.corbettlaw.net/lawguru.htm