In addition to the usual issues which come up when you are purchasing real estate, such as the contract review, home inspections, negotiations, and applying for a mortgage if necessary, when you purchase real estate from an estate there are some additional concerns. When the owner of the property has…
New Jersey imposes a “realty transfer fee” on the sale of property. Sellers of real estate in New Jersey are often surprised by this fee, which is akin to a sales tax. The amount of realty transfer fee changes with the sales price, it is about half a percent for…
When you sell your house for less than you owe on your mortgage it is referred to as a “short sale”. This is one option available when you find you can no longer make your mortgage payments, and the outstanding principal balance on your mortgage is higher than the fair…
The Highlands Water Protection and Planning Act is a relative new law, signed by New Jersey’s then-Governor McGreevey on August 10, 2004. The Highlands Act seeks to protect the ecological integrity of the highlands region in northwest New Jersey. In short, the Act, under the New Jersey Department of Environmental…
Under New Jersey law, a taxpayer feeling aggrieved can appeal a property tax assessment. Obviously, the owner can qualify as a “taxpayer feeling aggrieved.” However, it is not well known that others can also qualify under the statute. Tenants, mortgagees, tax sale certificate holders and even non-owner spouses of a…
Families across New Jersey are facing difficulties paying their home mortgages and facing foreclosure. There are many steps that can be taken to avoid foreclosure and keep the home. The important thing is to do something. Homeowners facing foreclosure should seek counsel from an experienced New Jersey real estate attorney…
In the current real estate market, when obtaining a bank mortgage is difficult and sellers are desperate, buyers should consider negotiating a “seller concession” into their real estate contracts. In most real estate transactions in New Jersey, the buyer pays most closing costs, which may include title searches and insurance,…
A common question is how can property taxes be lowered? The answer is to file a tax appeal. In the current depressed real estate that the value of your home is often dramatically lower than the town has assessed it and you should appeal that assessment. In this economic climate,…