Some thoughts on the differences between buying real estate in NY and NJ…..

Having lived in Manhattan, Brooklyn, and New Jersey, and having purchased property in both states, I wanted to share what I feel are some differences between the two states.

In my experience in New York City, buyers would often deal exclusively with the seller’s agent, who listed a property exclusively and did not cooperate with other real estate brokers.  Buyers would have to go from open house to open house or from broker to broker to see multiple properties.

In NJ, the vast majority of properties are multiple listed, and most listing brokers cooperate with other brokers who are representing a buyer.  Thus, a buyer may choose to work with only one real estate agent in his/her property search, and still see all of the properties that are listed in his/her price range. 

(See NJ Consumer Information Statement)

Since Jersey City is so large, you may find it easier to search via neighborhood or zip code.  (Please note: some zip codes overlap neighborhood boundaries.)

The boundaries of Jersey City’s neighborhoods are not exact.  They have evolved over decades as individual cities became established, cities merged or were incorporated, the population grew, and transportation systems were established.

For a nice overall Jersey City map, see

http://www.destinationjerseycity.com/maps.php

Downtown

Generally, downtown Jersey City is the neighborhood that many think of first, since it is the closest to Manhattan.  The Downtown area is east of the Turnpike Extension (78), and includes Hamilton Park, Harsimus Cove, Newport, The Powerhouse Arts District, Exchange Place, Paulus Hook, Grove Street, and Van Vorst Park.

Transportation includes the PATH (Newport/Pavonia, Grove Street, Exchange Place); The Light Rail, and various Ferry terminals.

Zip Code 07302

The Heights

Southern border is Highway 139 (entrance to The Holland Tunnel); northern border is Union City; eastern border is Hoboken.

The Western Slope is the Heights neighborhood West of Kennedy Blvd.

Transportation includes the PATH (Journal Square), the Light Rail, and bus service.

Zip code 07307

Journal Square

Borders Downtown, The Heights, Bergen-Lafayette, and The West Side.  Also includes the neighborhood of McGinley Square, which is becoming its own destination due to development of the old Jersey City Medical Center into The Beacon.

Transportation includes the PATH station (bus and train).

Zip code 07306

Bergen-Lafayette

Borders downtown, Liberty State Park, Journal Square, and The West Side.

Transportation includes the Light Rail and bus service.

Zip code 07304

The West Side

Borders Journal Square, The Hackensack River, and Greenville.

Transportation includes the Light Rail and bus service.

Zip code 07304 & 07305

Greenville

Borders Bergen-Lafayette, The West Side, and Bayonne.

Transportation includes the Light Rail and bus service.

Zip Code 07305

Please Note: The following timeline is for illustrative purposes only; this is not intended as legal advice. Individual transactions can and will vary.

Please see the NJ Consumer Information Statement for a detailed explanation of Agency Relationships in NJ.

Typical Buyer Timeline

Let the search begin! Then, after we find the place you want to call home...

• Buyer submits an Offer to Purchase (typically includes an Offer to Purchase Form or completed Contract of Sale, a copy of the buyer’s mortgage pre-approval, and a good faith deposit)
• Contracts are signed once terms are agreed upon by the buyer and the seller
• Buyer has 3 days to get the contract to his/her attorney for review (see Sales Contract for further description of attorney review)
• Attorney Review Period (conclusion of attorney review depends on issues to resolve and the timeline for each attorney)
• Post Attorney Review:
  • Buyer must schedule home inspection
  • Buyer applies for the mortgage (not the pre-approval)
  • 2nd deposit is due
• Home Inspection Report and Repair requests, if any, are submitted by the buyer’s attorney to the seller’s attorney (typically due within 10-14 days after the conclusion of attorney review)
• Mortgage company will order appraisal
• Mortgage commitment is due typically 30 days after attorney review concludes
• Buyer obtains homeowner’s insurance
• Buyer’s attorney orders title search and survey (if applicable)
• Buyer’s attorney coordinates loan closing documents with the lender.
• Closing date is coordinated between the two attorneys, seller, buyer and lender
• Buyer conducts final walk-through after the seller has vacated the property, typically on the day of closing.

Buyer should expect to be present at the home inspection, the final walk-through and the closing.

Average time from contract signing to closing is approximately 60 days. This can vary due to seller’s moving plans, inspection issues, title questions, or delays from the lender. Buyer should be aware that a closing date indicated in a signed contract can and often does change. We are with you every step of the way!