Buying a Home

There are sixteen: meeting your agent, mortgage pre-approval, showings, offer and negotiation, purchase contract, attorney review, down payment, inspections, mortgage processing, appraisal, commitment letter, title search, the town's certificate of occupancy, the closing disclosure, a final walk-through, and closing. Most buyers reach closing in 45 to 60 days from an accepted offer.

After both sides sign the purchase contract, attorneys for the buyer and seller have three to five business days to review it. During that window either side can request changes or cancel outright with no penalty. New Jersey is one of the few states that builds this step into a standard residential contract.

The initial deposit is typically ten percent of the purchase price, or half of your total down payment, depending on how the contract is written. This is separate from closing costs and is held in the attorney's or brokerage's trust account until closing.

Three are standard: a general home inspection, a termite inspection, and a radon test. Northern New Jersey sits in an elevated radon zone, so the radon test matters here more than in many parts of the country. Inspections happen after attorney review and typically take about a week to schedule and complete.

The seller. Before closing, the town's fire prevention and building departments inspect the property and issue a certificate of occupancy or continued occupancy. Requirements vary by municipality, which is one reason closing timelines differ from town to town in Bergen County.

Yes, in practice. Pre-approval is based on income, credit, and existing debt, and sellers in northern New Jersey generally expect it attached to any offer. Showings usually need about a day's notice, so having pre-approval ready keeps you from losing a property while paperwork catches up.

You do a final walk-through of the property, then funds are wired to the title company and the deed is recorded. You receive the keys the same day. The closing disclosure, which itemizes every cost and fee, is issued before this so there are no surprises at the table.