New Jersey Residential Real Estate Legal Questions

You are under no obligation to use the money that you receive from insurance to fix your existing home.  you can sell the home "as is" and then use the money that you received for whatever purpose you want.  the damaged home will sell for less than it wold have sold for if you completed the repairs, but that's your choice to make.  ... Read More

I'm not sure based on the information you provided how you want the deed changed.  Did you, as part of the divorce, give up your rights to the 401(k) and your spouse gave up rights to the house?  There should be something in the judgment of divorce that outlines how that is to occur, and your ex will have to comply with changing the deed, if your ex does not, you will have to go back to court but then your ex will have to pay fees.  you should change the deed to protect yourself.... Read More

There may be some local requirement for registration.  Call the Township offices and ask what the require of rentals.  Sometimes a specific Certificate of Occupancy, known as a CO is required.  If the landlord does not have that specific CO or has not fulfilled the registration requirements, they may face a local fine, or a restriction in their ability to rent.  Be careful, you may find yourself out of rental housing if the landlord cannot obtain the proper registration. ... Read More

The spouse needs to file to become the administrator of the estate.  It is relatively easy - and the spouse should go the surrogate in the county where they lived.  Once they are the administrator, they can put the deed into their own name and do the transfer, or sell the property and sign the sales documents as the administrator of the estate.... Read More

i'm not sure what federal tax liens you mean.  A mortgage usually has first priority. That means that if there is a mortgage on the property, and the amount of the mortgage exceeds the current fair market value, (also known as being "under water") then the federal liens takes second place after payment of the mortgage.  The mortgage company usually pays the property taxes.  If the property is "run down" the mortgage company will not pay for repairs.... Read More

I'm not sure what you mean by "still have to pay back the reverse mortgage".  A reverse mortgage is non-recourse.  That means that the mortgage company has no recourse against your parents.  If you sell the house, or the can't sell the house and it gets condemned, the mortgage company cannot come back after your parents for any additional funds.  However, if you sell the house, and can pay off the mortgage, then you must do that.  I am currently working on several estates now in which the couple got a reverse mortgage when the housing market was high, and the amount that is owed is in excess of the value of the house.  There is a procedure by which you can offer the mortgage company the deed in lieu of them going through the process of foreclosure, and more or less walk away from the house.  The mortgage company may try to pressure you into paying off the mortgage, but you have no obligation to do so.  The mortgage is only secured by the value of the house, and nothing more.  If you have further questions, feel free to contact my office.    ... Read More

I'm not sure I understand.  If you bought the house for $200,000 and you are going to sell it eventually for $150,000 - you don't have capital gain, you have capital LOSS.  If she deeds it to you for a dollar, that value is irrelevant, its considered a gift, and you get "transfer basis" meaning that the amount you will be deemed to have bought it for is the amount she paid for it, the basis will be $200,000 for you.  If you sell it for less that $200,000 then you will have a loss.... Read More

Its hard to answer based on the information you have given.  The "stacking" ordinance may apply to additional people added, but there may be an exemption for a child, or for a child as young as yours.  You could possibly apply to the Township for some type of a "hardship" exemption if you agree to move out of the apartment when the lease is up.  Good Luck !... Read More

It depends on whether or not you had reached the stage of foreclosure and what bank you are dealing with.  If you go on a short sale, and the foreclosure process has started, you need to deal with the attorney that is doing the foreclosure.  The bank does not want to end up owning the property and may work with you.  If you do the short sale, its also up to the bank to get a deficiency judgment and you may negotiate with them at that time.  Good Luck !!... Read More

You're asking a lawyer if you should hire a lawyer - so of course the answer is going to be YES !  But seriously, with a a short sale, there is another person at the closing - the bank.  The property is being sold by the current owners, and you are purchasing, but the bank also has a "say" in what goes on.  There are so many short sales occurring that the banks are often overwhelmed and things get lost, or issues do not get resolved.  The property is probably being sold "as is" and you may not have a chance to do a proper inspection.  It is best to hire a lawyer that can protect all of your interests in this type of sale.  ... Read More

You can sell your home to your daughter for $1.00 but it should be part of an overall estate plan.  There are regulations that will prevent you from getting Medicaid if you are within five years of the sale, and your daughter might have certain adverse tax consequences.  In addition, the house is now hers so you may loose a senior citizen tax deduction, and she could kick you out !! You should discuss this with a lawyer to see if selling her the house meets all of your estate planning goals.  Please call my office if you think I can help, the consultation is free.  ... Read More

I can help you with this.  A condo association officer cannot represent the association in court.  You can represent yourself, but a business of any kind must retain counsel.  What county are you located in?  We can try to get an adjournment of your matter.  You have a right to an accounting of the expenditures, there is an obligation for meetings, and payment of insurance.  You will need to have your condo association by-laws, although they are probably form documents, and any of the paperwork pertaining to the formation of the association.  Usually that is the builder until the development is built out, and then they turn it over to the residents.  ... Read More

There may be some limited recourse against the inspector.  The limit may be damages to the amount equal to what you paid the inspector.  The amount of damages you could claim will depend on the agreement you had with the inspector.  Read through the agreement if you still have it and see if there is a damages provision.  ... Read More