Real Estate
Real Estate Closings In The Era Of Social Distancing
Realtors, title companies, mortgage lenders and closing attorneys are all operating at the present time, but in a very different fashion given the health crisis affecting our State and nation. Realtors are showing houses on a one on one basis, masked and gloved. Title companies are conducting closings but not in the style of the …
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Beware of the IRS If Your Home Is Underwater
It is not unusual for a home to be worth less than what the owner owes on the mortgage. This is commonly referred to being “underwater”. As long as the owner pays the mortgage on time, eventually the mortgage will be paid down and the house may appreciate in value. However, when the owner becomes …
Attack on Habitat For Humanity
Most of you know Habitat for Humanity as a charitable organization that builds houses for the economically disadvantaged. Its most famous volunteer is former American President Jimmy Carter. Central to the Habitat program is the concept of sweat equity, where the home recipient puts in a mandated number of hours of labor alongside the volunteers. …
Sheriffs Sale Vacated
When a homeowner fails to make mortgage payments, the lender will typically file a foreclosure action. Ultimately the lender may obtain a final judgment of foreclosure and then schedule a sheriffs sale for the property. At the sheriffs sale, the highest bidder will obtain title to the property, by a deed from the sheriff to the bidder upon payment in full …
Underground Storage Tanks
With the advent of oil replacing coal as the primary home heating fuel, someone had the questionable idea of creating underground storage tanks for the oil. Ultimately metal tanks rust/rot out and develop holes, permitting the oil to get out and water to get in. Not a good situation. In the late 1970s, the State …
Negligent Misrepresentation In A Home Purchase
A company obtained a home through foreclosure and had it inspected. The inspector noted moisture stains but did not note what the stains were. The company contracted to sell the property to buyers who agreed in the contract that the property was being sold in “as is” condition. The buyers were permitted to conduct a home …
What Is The New Jersey Bulk Sales Law?
The State of New Jersey is always concerned about collecting tax due on sale transactions, big and small. The Bulk Sales Act requires parties to a transaction involving the sale of real estate, a business, or both, to file a notification form with the Division of Taxation prior to closing. Upon receipt of that form, …
Love Stinks
(This according to the J. Geils Band song of the same name.) “And may lead to litigation…” A recent unreported Appellate Division decision involved parties that were romantically involved. The plaintiff purchased property and built a house. Prior to the closing, the parties executed an agreement in which plaintiff promised to deed the house into …
Intro To Zoning Variances
Often, clients purchase property with intentions of building a house on a vacant lot, or converting a two family house into a three family house. In New Jersey, that process is heavily regulated and controlled by municipal government. If a property or structure does not meet the local zoning requirements, then the landowner must file …
