Buying a Home in New Jersey
A clear, step-by-step look at the process from pre-approval to the keys, with local shore expertise at every stage.
Buying near the water comes with a few steps you will not find in other markets. Here is what the process looks like in New Jersey, and where Justin Selby and The Selby Realty Group help along the way.
The Buying Process, Step by Step
- Week 1
Get pre-approved
Before you tour, meet with a lender to review your credit, income and budget. A pre-approval letter shows sellers you are a serious buyer and tells you exactly what price range to shop in.
- Week 1
Meet your agent and define your search
Justin reviews your must-haves, preferred towns and timeline, and sets up a custom search with instant alerts so you see new shore listings the moment they hit the market.
- Weeks 1-6
Tour homes and compare
Tour in person or virtually, and compare homes on price, condition, flood zone, elevation and recent nearby sales so you can act quickly and confidently.
- Day 1 of contract
Make an offer
Justin helps you set a price using recent comparable sales and negotiate terms. A good-faith deposit is usually delivered after acceptance and held in the attorney's or broker's trust account.
- Days 1-3
Attorney review (about 3 business days)
In New Jersey, a real estate attorney reviews the contract right after it is signed. During this window either side's attorney can make changes or cancel, so it is smart to have your own attorney lined up before you make an offer.
- Weeks 1-2
Inspections and due diligence
Typical inspections include the general home inspection, wood-destroying insect, radon and, where they apply, septic, well and sewer line. At the shore, also review the flood zone, elevation certificate, roof and exterior condition. Results can lead to repair requests or credits.
- Weeks 2-5
Mortgage, appraisal and flood insurance
Your lender orders an appraisal and finalizes underwriting. Get homeowner and flood insurance quotes early, since coastal premiums can affect your budget and your lender's requirements.
- Weeks 3-5
Title search and survey
A title company confirms the seller can convey clear ownership, searches for liens and issues your title insurance policy. Many shore properties also need a current survey.
- Weeks 3-5
Municipal Certificate of Occupancy
Most New Jersey towns require a certificate of occupancy or smoke and carbon monoxide detector certificate before a sale closes. Justin tracks the town requirements so nothing delays your closing.
- Weeks 5-8
Final walk-through and closing
Walk the property 24 hours before closing to confirm its condition. At closing your attorney reviews the settlement statement, you sign, funds are wired and you get your keys.
What to Budget For
Down payment
Conventional loans start around 3% to 5% down, with 20% avoiding private mortgage insurance. FHA, VA and New Jersey HMFA programs may offer lower options.
Closing costs
Budget roughly 2% to 4% of the price for lender fees, title insurance, attorney fees, recording and prepaid taxes and insurance.
Realty transfer fee
The standard fee is generally paid by the seller. Buyers of residential property over $1 million pay a 1% additional fee, often called the mansion tax.
Property taxes
New Jersey taxes vary by town. Justin can pull the current bill and compare taxes across shore communities before you offer.
Flood and homeowner insurance
Many shore homes sit in flood zones. Request quotes during due diligence so you know the true monthly cost.
Moving and utilities
Plan for utility transfers, movers and any repairs agreed on during inspection, so move-in day goes smoothly.
Frequently Asked Questions
Do I need an attorney to buy a home in New Jersey?
It is standard practice and strongly recommended. Your attorney reviews the contract during the three-day attorney review period and handles the title work and closing.
How long does it take to close?
Most purchases close in about 45 to 60 days after the contract is signed, depending on financing, inspections and municipal requirements.
Can I buy a shore home as a second home or investment?
Yes. Lending terms, down payments and insurance differ for second homes and rentals. Justin can connect you with local lenders who specialize in shore properties.
What if the inspection finds problems?
You can ask for repairs, a credit or a price reduction, or in some cases cancel under the terms of your contract. Your attorney and Justin guide you through the options.
Ready to start your search?
Talk with Justin about your goals and get a plan built around your timeline and budget.
Call (856) 364-1548Send a MessageThis overview is general information and not legal, tax or lending advice. Fees, timelines and requirements vary by transaction and town; consult your attorney, lender and tax professional.