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There are major misconceptions about what is often referred to as the “NJ Exit Tax.” First of all, it is not a tax, it is a withholding. Just like your federal or state taxes are withheld from your pay check, this withholding is collected from closing proceeds. When...
Every real estate transaction in New Jersey is subject to the Realty Transfer Fee (RTF) which is typically paid by the Seller at the time of closing. The fee is a calculated based on the purchase price, but there may be some partial exemptions. The RTF fee is based on...
A short sale is a process by which a homeowner can sell a house for less than the mortgage(s) or liens on the property. If more money is owed on the house than it is worth, the house can still be sold if the sale is approved by the lienholders on the property. The...
Generally landlords are not allowed to discriminate against those with disabilities. Reasonable accommodations must be made to allow those with disabilities to participate in activities available to the public. This includes access to housing. In the case of someone...
Private Mortgage Insurance, or PMI, is an insurance policy that a lender will generally require on any mortgage in which the total amount borrowed is more than 80% of the value of the home to which the mortgage is secured. The insurance policy protects the lender in...
It can be difficult to know whether a municipal permit is required to conduct home improvements. The requirements for when a permit is necessary vary from town to town, so make sure to check with your local building department before starting a repair or home...
For many homeowners in New Jersey, there is some relief available from high property taxes. Homeowners may make application to their local tax assessor to reduce their taxes if their current assessment is higher than what the actual value of the house should be. The...
In the days and weeks ahead of a real estate closing, there is a lot of work being done behind the scenes to make sure that the transaction can be completed without incident. Both the Buyer and the Seller in a transaction have much to do. For example: The title policy...
It can be incredibly stressful to buy and sell a house on the same day. So much goes into coordinating a closing, and making sure that the dates align with a second transaction can be a juggling act. Unfortunately, if a person needs to sell a home in order to purchase...
Most people do not have the ability to read legal language with a clear understanding of what it means. Lawyers spend years in law school learning to read and write contracts. When an individual enters a contract to buy a house in New Jersey, they are provided with a...