Why Homebuyers Need Title Insurance and Attorney Representation

For most people, buying a home is the single largest investment in their lifetime. That’s why title insurance should be part of that transaction. Title insurance specifies that an owner has “good and marketable” title to the property, i.e., that the owner owns the property free of any adverse claims by others—except those to which … Continue reading “Why Homebuyers Need Title Insurance and Attorney Representation”

Realtors: Protect Yourself from Being Sued Under the Consumer Fraud Act

If you are a professional seller of real estate, you regularly advertise your properties. Make sure your marketing materials do not land you in court. The law is designed to protect the buyer. In this case, the Consumer Fraud Act (CFA) protects buyers from false promises.Realtors can be sued under the CFA for misrepresenting their … Continue reading “Realtors: Protect Yourself from Being Sued Under the Consumer Fraud Act”

Tax Alert: New Jersey Tax Court Clarifies Disposed Interest in Irrevocable Trusts

The long-debated issue as to what constitutes a complete disposition of interests in real property for purposes of irrevocable trusts was recently settled by the Tax Court of New Jersey in the matter of Estate of Mary Van Riper v. Director, Division of Taxation. In Van Riper, Mary Van Riper and her husband, Walter Van … Continue reading “Tax Alert: New Jersey Tax Court Clarifies Disposed Interest in Irrevocable Trusts”

New Jersey Assembly Proposes Tax on Short-Term Rentals

In response to the massive success of short-term rental programs like AirBnB, FlipKey and VRBO, New Jersey lawmakers proposed legislation to regulate and tax online vacation marketplaces by way of Assembly Bill 4441 (“A.B. 4441”), an “act concerning the licensing and regulation of space for accommodation of transient guests.” The bill passed the Assembly Tourism, … Continue reading “New Jersey Assembly Proposes Tax on Short-Term Rentals”

Is a Reverse Mortgage Right for You?

Between “trusted” celebrity spokespersons and advertisements in newsprint and on line touting the advantages of a reverse mortgage, senior citizens are being bombarded with the benefits of a reverse mortgage as a way to assess money for “the good life” during retirement, “take a much needed vacation!” or “spend it however you want!”. However, what … Continue reading “Is a Reverse Mortgage Right for You?”

Housing Trends Among Millennials: Back to Suburbia

Are you interested in over 80 million of the most highly educated and diverse Americans moving to your town? Then set your sights on millennials. Also known as Generation Y, millennials are those born between 1980 and 2000 and are the largest generation in U.S. history. Across the country, these young adults are reshaping the … Continue reading “Housing Trends Among Millennials: Back to Suburbia”

Steve Scherzer asks “Is Condo Living Really For You?”

Date: 12/05/2013 Publication: CL Alert CooperLevenson Publication: CL Alert Summary: Before you sell the single-family house that has been your home for 30+ years and move into a high-rise condominium, take a moment and consider what that means. Sure, you’re trading in another winter shoveling snow for beautiful views, afternoon Mahjong and a fully equipped … Continue reading “Steve Scherzer asks “Is Condo Living Really For You?””

Tax Evaluation Methodology

Once the highest and best use for real estate is established, the various methodologies for valuing improved property can be utilized. The easiest method to understand is the sales comparison approach a/k/a the comparable sales approach. In this method, value is established by analyzing sales, listings or pending sales of properties that are similar to … Continue reading “Tax Evaluation Methodology”

Will the Bankruptcy Bill Protect You when the Delinquency Wave Hits

The devastation created by the Tsunami that hit Southeast Asia was exceeded only by the worldwide outpouring of assistance, generosity and goodwill. It is both a testament to the precarious reality of our existence and the resiliency and fortitude of mankind. The Tsunami was a consequence of an earthquake which, few, if any experts, anticipated. … Continue reading “Will the Bankruptcy Bill Protect You when the Delinquency Wave Hits”

Important Warnings with Respect to Property Held as Tenancy by the Entireties

Several states, including Florida and Texas, have statutory laws which prevent creditors from seizing real property held by, among others, married individuals under defined circumstances. These states explicitly make property held by Florida or Texas residents as a primary resident exempt from execution, levy and sale by a creditor. New Jersey protects real property held … Continue reading “Important Warnings with Respect to Property Held as Tenancy by the Entireties”