With the real estate market starting to heat up, sellers may want to consider preparing their house for sale by addressing some of the issues which may arise from a buyer’s inspection prior to listing their property. Some of these issues are:
New legislation has recently been enacted which exempts sales of certain residential dwellings and seasonal rentals from Bulk Sales notification requirements. According to A-2748, which was signed into law on September 14, 2011, sales of a “simple dwelling house” when the seller is an “individual”, “estate” or “trust” (as those terms are used for purposes of the New Jersey Gross Income Tax Act N.J.S.54A:1-1 et seq.) are exempt from the Bulk Sales notification requirements (N.J.S 54:50-38). A “simple dwelling house” under the new law is a dwelling unit including but not limited to a one-family or two-family building or structure, or a unit in a condominium or a cooperative.
With the increase in foreclosures against residential properties and homeowners facing financial difficulties, the number of severely neglected and abandoned homes is on the rise. While such situations are unfortunate for the owner of the deteriorating property, the condition of the property can also have a significant impact on neighboring property owners.
The names set forth on a deed may not always reflect the interests of all parties in the real property. One such interest is a possessory one of a spouse to joint possession in property occupied as a couple’s principal matrimonial residence. This type of interest is a statutory creation. N.J.S.A. 3B:28-3 provides that during life every married individual shall be entitled to joint possession with his spouse of any real property which they occupy jointly as their principal matrimonial residence and to which neither dower nor curtesy applies.
Selling a home which you recently rented out because of the difficult real estate market? Well, you may discover that at closing, the state of New Jersey may want to escrow part of your closing proceeds to cover any existing tax debt or estimated taxes on any gain from the sale.
People commonly think of home ownership in the form of owning a single family house situated on its own parcel of land. However, increasingly, condominiums, and to a lesser extent, co-operatives, are providing alternative forms of home ownership. What are these forms of ownership and what is the difference between them?
As residents of Princeton Borough and Princeton Township are well aware, their municipalities have undertaken a revaluation of the real estate within their boundaries for tax assessment purposes. The last revaluation performed in Princeton Borough and Township was in 1996. Recently, each municipality notified property owners by first class mail of their preliminary assessments.
Our recording system, having its roots in England, is basically a system for determining priority of legal claims against real estate. Thus, when one acquires title to real estate, or mortgages property, those instruments affecting title are usually recorded in the county clerk’s office.
The popular federal tax credit of up to $8,000 provided to first-time home buyers who purchase a home in 2009 due to expire November 30th has been extended until April 30, 2010. In addition, a new tax credit up to $6,500 will be available to certain “step-up” (or downsizing) homebuyers who are current homeowners who have resided in their homes for at least five years.
Goblins and ghosts. Eerie graveyard scenes. With Halloween coming, cemeteries always take on some added interest. New Jersey cemeteries are governed by the “New Jersey Cemetery Act, 2003.” N.J.S.A. 45:27-1 et seq. Under the Act, a cemetery is defined as “any land or place used or dedicated for use for burial of human remains or disposition of cremated human remains….” N.J.S.A. 45:27-2.
