Archive for the 'NJ Real Estate Laws' Category
New Jersey Home Seller’s Realty Transfer Fee (RTF)
February 27th, 2008 Categories: NJ Real Estate Laws, Selling A Home in NJ
The New Jersey Realty Transfer Fee (RTF) question comes up on a daily basis with sellers…so, 
I asked my go-to New Jersey Real Estate Attorney Rosemary Stone-Dougherty to shed some light on this topic:Â 
The New Jersey Realty Transfer Fee (RTF) is essentially a sales tax based on the sale of your home and is paid by the seller. It is strictly calculated off the Deed price of your home and per Statute.
Unfortunately, there is not an easy calculation for this fee, as it is a three step/base calculation based on properties exceeding $250,000, $500,000, etc. It is paid to the County Clerk where the property is located. This fee must be collected at closing and sent in with the Deed or the County Clerk will refuse to record the new Buyer’s Deed (Big Problem!). Read the rest of this entry »
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What is Title Insurance & Why Do I Need It?
December 3rd, 2007 Categories: Buying a Home in NJ, Condo & Townhouse Living in NJ, NJ First Time Home Buyers, NJ Real Estate Laws
For many Americans, the purchase of a home is the single largest investment they will ever make.Â
Home-ownership is an integral part of the American dream, yet like anything else, purchasing a home comes with certain risks. Homeowner’s insurance and flood insurance help protect you from loss or damage due to theft, fire, or acts of nature.
But what if your ownership itself was challenged?Â
Title insurance protects property owners or others with a financial interest (such as a mortgage lender) from loss or damage as the result of liens, encumbrances, defects in, or the unmarketability of title to the property. Read the rest of this entry »
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New Jersey Buyer’s Mansion Tax
November 21st, 2007 Categories: Buying a Home in NJ, NJ First Time Home Buyers, NJ Real Estate Laws
Congratulations!!! 
You just placed a bid on a home in NJ over $1,000,000, and the seller agreed to your price!!!Â
Did you know that you will owe the State of New Jersey 1% of the total purchase price for any property purchased with a sales price of $1,000,000 or higher?Â
Welcome to the NJ Buyer’s Mansion Tax. The fee is paid to the County Clerk where the property is located. Both residential and commercial properties are impacted by this fee. (There are limited exclusions that you should check with your NJ Real Estate Lawyer about.)
The fee is collected at closing as a part of the Buyer’s closing costs and will be paid from the Buyer’s attorney trust account. The County Clerk will not accept a personal check from a Buyer for any amount in excess of $10,000. Your lawyer should properly reflect the Mansion Tax on the HUD.
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