Step by Step Guide to Selling your Home 
  
If you are planning the sale of your home please see below a list of simple guildelines and links that will help you and provide important information relevant to your transaction.

Once you enter into a contract for sale of your home we will automatically forward you and your realtor a username and password ....

that will provide both of you access to our online databases. You will have access to your individual file 24 hours a day, 7 day a week. You will be able to view all correspondence, keep track of contingency dates and have access to phone log history relating to your file. Although you have our number and may contact us anytime there are some questions you may be able to have answered simply by logging on.

In New Jersey a contract does not become binding until the mandatory 3 day attorney review period is completed.

Attorney review begins on the day after both parties (buyer and seller) receive a fully executed contract of sale. Attorney review lasts 3 days, not including holidays, Saturdays or Sundays. The purpose of the attorney review period is to give an opportunity for the parties to review the contract, make changes to the contract and allow a party to cancel the contract within that time period. Be advised that if a contract is legally disapproved, review may last longer then three (3) days. In addition, regardless of the terms set forth in the contract, during the attorney review period, a seller may entertain other offers on the property. For questions on this issue please contact our office.   Please note if you are entering into a contract without any realtors there may not be an attorney review provision. Please contact an attorney prior to signing such a contract.

As a seller it is important to note that you must pay at the time of closing, unless otherwise negotiated in your contract,

a realty transfer fee payable to the State of New Jersey. This fee is based on the purchase price of your home. Click this link for an estimate on the realty transfer fee you will have to pay based on sales price of your home. Homes sold for over $1,000,000 are subject to the New Jersey State Mansion Tax. The Mansion Tax is paid by the purchaser. The Mansion Tax rate is 1% of the sales price when the price is more than $1,000,000. The Mansion Tax applies to all deeds where the land conveyed is classified under the Administrative Code as Class 2 "residential" or as Class 3A "farm property" but only if the farm land contains a building or structure intended or suited for residential use, or if the property is a co-operative unit. Furthermore, if the grantee is exempt from federal income taxation under IRC 501(c)(3), the transfer is exempt. The Mansion Tax Amendment is effective from February 1, 2005, but applies retroactively to August 1, 2004. Questions regarding the changes in the statute requirement and whether a property is exempt from the Mansion Tax or questions in connection with any possible refund of taxes paid between August 1, 2004 and February 1, 2005 for properties that may now be exempt from the Mansion Tax should be directed to the Division of the Taxation.   You may be eligible for a discount on the realty transfer fee if you are senior citizen (over the age of 62) or if you have a physical disability on record with the State of New Jersey (contact us to determine eligibility for these discounts).   If your home was listed by a realtor you must pay a commission to your realtor. Depending on the percentage agreed to in your listing agreement, this amount will be due and payable to the listing and selling agent at the time of closing   Attorneys fees and costs. See our link above for estimates on our fees.   Sellers' Residency In New Jersey: In New Jersey, if you are a resident of another state you may be required to pay an estimate of the taxes (or capital gains) due the State of New Jersey. Usually this fee amounts to 2% of the sales price, however, contact us for information on this issue. Be advised that you may be required to pay the residency tax at closing, however, you should consult with your accountant to determine if sales tax is refundable after the fact. For more information on this deduction please click on the following link. (http://www.state.nj.us/treasury/taxation/gitrepfaqs.htm)   There may be some recording fees or miscellaneous fees due at closing however you must provide us with specific information on your transaction in order for us to give you a more accurate estimate.

In nearly every sale of real estate in New Jersey a seller will be required to obtain what is called certificate of occupancy (CO).

This is a certificate issued by your township or municipality certifying to potential buyers that your home is safe for habitability. There are some townships and municipalities that do not require this, however, be sure to contact your local municipal office for that information. You can also contact us directly. We have a list of every township in New Jersey and whether they do or do not require a certificate of occupancy. The certificate you obtained or that was provided to you at the closing when you bought the property is not satisfactory. You should wait until you are under contract before scheduling your inspection with the town.   You will be required to obtain a smoke detector/carbon monoxide detector certificate. Every township requires this. You will have to contact your local municipal office (contact us for your municipal office's phone number) to schedule this inspection. Most townships will issue both the certificate of occupancy and the smoke certificate at the same time. Some townships do required separate inspections.

You really should begin going through your records immediately and locate copies of your DEED, your TITLE INSURANCE POLICY (OWNER'S POLICY)...

and a copy of your survey. These documents may become necessary if we encounter title issues while under contract.

You will be required to fill out a sellers' information sheet once you go under contract. We will need information regarding your mortgage payoffs,...

marital history, and potential liens on the property that are required to be paid off prior to closing including, but not limited to, mortgage payoff information.

Closing of title will most likely take place at the buyer's attorney's office. Be advised that it not necessary that you attend the closing.

If it makes it easier and more accommodating to you and your family, you have the option of signing your closing documents ahead of time. We can have your proceeds available through wire transfer or attorney trust account check. If you choose not to attend the closing you must (prior to closing) provide us with contact information so that we can contact you during the closing to verify the final numbers to ensure accuracy.