Ah, those "equitable liens"

Equitable liens in New Jersey

An equitable lien is a court-established lien given to protect a third party from being deprived of its rights in real estate.  There have been many cases litigated in New Jersey over the years establishing or denying the imposition of an equitable lien.

The latest case is Recon Realty v. Marjac, et al.  In this case a real estate broker sought to impose a lien on the funds received by a mortgagee in a short sale transaction.  

The appellate court outlined the grounds for a finding of an equitable lien this way:

"An equitable lien is a right of special nature in a fund and constitutes a charge or encumbrance upon the fund" to prevent unjust enrichment. VRG Corp. v. GKN Realty Corp., 135 N.J. 539, 546 (1994). "For an equitable lien to arise there must be debt owing from one person to another, specific property to which the debt attaches, and an intent, expressed or implied, that the property will serve as security for the payment of the debt." Highland Lakes Country Club & Community Ass'n v. Franzino, 186 N.J. 99, 112-13 (2006) (quotations omitted). "Where one promises to pay for services rendered out of a fund created in whole or in part by the efforts of the promisee, a lien in favor of the promisee will attach to the fund when it comes into existence." In re Hoffman, 63 N.J. 69, 77 (1973). Additionally, an equitable lien can be imposed, if based on the "the dictates of equity and conscience . . . a contract of reimbursement could be implied at law." VRG Corp., 135 N.J. at 546.  

At the end of the day, the broker lost its claim for an equitable lien..

We are the New Jersey title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us, Vested Land Services LLC. We can help!

For your real estate purchase or mortgage refinance or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow@vested.com

@vestedland

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Get the right real estate broker

Some words of advice from Realty Times about selecting a real estate broker.

When you're buying a new home, you can't afford to have your needs lost in translation. However, it can be difficult to put into words exactly what you want. After all, when searching for the perfect home, it could be a matter of you'll "know it when you see it." A good real estate agent can translate your desires into a dream home.

I remember my first house hunting experience.  It was if the broker and I were speaking different languages.

The lesson learned?  Shop for a real estate broker as you would a doctor or any other professional.

Read the full article here.

For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. We can help. We are the title insurance agent that does it all for you.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow AT vested.com

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"Divorce specialists" for real estate sales?

New Jersey has it all- great beaches, miles of parkway and turnpike, entertainment, you name it.  Now it seems that there are real estate brokers who specialize in sales of property where the owners are undergoing divorce.  So reports the New York Times.

[L]urking with quiet devastation behind many “for sale” signs is the big, sad shift that almost always requires that somebody move out: divorce.

For real estate agents and brokers, deals that spring from divorce are an inevitable slice of the business, and over the years, many find themselves gathering answers to questions they hoped never to ask.

How does one represent two people who won’t speak to each other? How does an agent show an apartment that has been divided by awkwardly placed locks or temporary walls? And what if your client’s highest priority is making sure their former partner does not come out ahead?

Two real estate brokers in Livingston, New Jersey, not far from our office in Fairfield, believe they have built-up an expertise in divorce sales.

“We specialize in it,” said Vicki Stout, an agent at Keller Williams Suburban Realty in Livingston, N.J., who proclaims herself to be a “divorce specialist.”

“But it is hard to advertise,” added Bob Bailey-Lemansky, her business partner. “No one is going to go to our Facebook page and ‘like’ divorce.”

Read more here.

For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. We can help. We are the title insurance agent that does it all for you.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow AT vested.com

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