I have been practicing law for a long time now and I have experienced many ups and downs in the law practice, in the real estate industry, and in the economy overall. I can specifically recollect recessions which affected the activity and value of properties.
An interesting phenomenon has developed pertaining to real estate and the pandemic. Due to the fact that the more densely populated urban areas have been hit the hardest with the COVID-19 virus statistics, residents of New York City are migrating to the suburbs (Including North New Jersey).
During these difficult times, I have been receiving multiple communications from Landlords (commercial and residential) and Tenants regarding the difficulties of paying and collecting Lease obligations.
At this time, when many people are staying home, it is a good opportunity to revisit your Last Will and Testament.
I have been handling Real Estate Matters for over 30 years. The current pandemic situation has made all transactions difficult for multiple reasons.
During the course of my 36 years as an Attorney of Law in the State of New Jersey I have handled many different types of legal matters. Early in my career I was a Public Defender for the State of New Jersey in Bergen County.
The State of New Jersey law requires an owner of income producing property to notify the Division of Taxation prior to closing regarding the upcoming event.
It is surprising how many clients put their home on the market for sale, but do not yet have plans made before their relocation. Often times the Seller wants to wait to see the house is going to sell and see how much money they will receive for it before making future plans.
I have many clients that put the ownership of their assets in other names. The usual scenarios (and related challenges) include: Scenario #1: Putting their assets in a trust thinking that they will avoid tax related responsibilities…
New Jersey Real Estate Contracts have extensive provisions to allow the Buyer to do "Home Inspections". Buyers can inspect for many items including the Home itself, Wood Destroying Insects, Radon, Underground Oil Tanks, etc.