State Guides
What brokers and loan officers should know about closings and property rules in New Jersey, and how Hancock Processing works your files there.
New Jersey uses both, and practice varies by region. In North Jersey, attorneys traditionally handle the contract review and the closing. In South Jersey, title companies often close without attorneys, which the New Jersey Supreme Court allows as long as the parties are told about the risks of going without a lawyer.
No. New Jersey is not a community property state. Under New Jersey law, a married person has a right of joint possession of the couple's principal home, even when only the other spouse is on title.
When a real estate licensee prepares the sales contract for a one-to-four-unit home, the contract becomes final only after a three-business-day attorney review period. During that period, an attorney for either the buyer or the seller can review the contract and cancel it, and weekends and legal holidays don't count toward the three days.
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New Jersey
All of them. We process every loan type we offer in New Jersey, including conventional, FHA, VA, USDA, jumbo, Non-QM and DSCR loans, from North Jersey to the Jersey Shore and South Jersey.
Our processors coordinate with the attorneys and title companies on each New Jersey file, whether the closing is attorney-led, title-led or a mix of both, and we track the attorney review period as the contract becomes final.
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