Home buyer gets back his deposit

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!

What's a home buyer to do when the real estate purchase contract says one thing and the seller says it doesn't?

Some contracts for the purchase of real estate allow the buyer to cancel the purchase due to various contingencies.  The best known is the "mortgage contingency" where, if you don't get a mortgage within a certain  time frame, you, and sometimes the seller, can cancel the contract.

A recent court case involved a more difficult contingency - one where the buyer can cancel if she doesn't sell her present home.

For many attorneys representing sellers, this is a no-no.  But not in RIVERMOUNT DEVELOPMENT LLC VS. LIVINGSTON, et al, where the contract contained such a clause. When the buyer acted upon it, the proverbial stuff hit the fan.

In the end, the buyer won, but I can't imagine the costs to the buyer and its attorney financially and emotionally.

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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Foreclosures and the greedy speculator

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!

Foreclosure grab blows up in face of investor

New Jersey's foreclosure market is hot.  Not in a good way.  There are still many homeowners who cannot maintain their mortgage payments.  The result is a foreclosure action and loss of home.

This case, Wells v. Walker, involved a speculator who knew more than he let on.  He convinced the foreclosed owner to deed the property to him knowing there was a lot of money to be obtained through surplus money proceedings.

The investor loses.

The moral, in the marketplace the bears sometime eat, sometimes it's the bulls. But the pigs, they get nothing.

 

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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Natural gas and the homeowner. What's the alternative? Geothermal

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!

Geothermal heating for the homeowner.

The New York Times' Real Estate section reports on New York's ban on natural gas hookups.  This is a far cry from the days when natural gas utility companies were wooing oil-heating customers with slogans. such as,  "clean, dependable gas."  If you can't heat with gas, what are you to do?

How about geothermal energy?  What is it?  Per the Times, 

"Geothermal energy systems use a network of underground pipes, commonly referred to as ground loops, which circulate water and propylene glycol, a type of nontoxic alcohol, all year. During the winter, the ground loops absorb the heat from the earth, which stays steady at about 50 degrees Fahrenheit. The heated liquid circulating in the loop is pushed into a pump system inside the house that then produces warm air. In the summer, the pump sucks out the warm air in the home and pushes it back into the cooler ground."

Having said all of that, NY's recently enacted ban on new natural gas hook-ups may direct more homeowners towards the geothermal source.  After all, it doesn't disturb the environment, does it?

Real the full story, Converting to Geothermal Energy.

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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Looking at Title Insurance - What is it, what does it do, Part I

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!

Title Insurance 101. A primer.

What is Title Insurance?

A title is the evidence or right in which a person has the ownership and possession of land. A defect in that title can be any legal right held by someone other than the owner to claim that property or to make demands on the owner of that property.

Title Insurance is protection offered to the owner of real estate and the mortgage or home loan lender against defects in the title of the real estate that is insured. The owner's title insurance policy guarantees the owner against loss due to defects in the title pursuant to the terms of the policy. Your investment in real estate, whether residential or commercial, is quite possibly the most important, and expensive, investment you'll ever make. An owner title insurance policy protects that investment. Your owner title insurance policy remains in effect for as long as you or your heirs retain an interest in the property or have obligations under a conveyed warranty.

Next up -  What is a "title defect?"  Stay tuned!

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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New Jersey Senior Freeze program helps with your tax bill.

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!

From New Jersey Money Help-

A question about NJ's Senior Freeze Program

Q. Has the property tax freeze been increased to incomes of $90,000?— Senior

A. You’re talking about the Senior Freeze program.

According to the website of the New Jersey Department of Treasury, Division of Taxation: “The Senior Freeze Program reimburses eligible senior citizens and disabled persons for property tax or mobile home park site fee increases on their principal residence. To qualify, you must meet ALL the eligibility requirements for each year from the base year (the year in which you became eligible for the senior freeze) through the application year (the current application year is 2018).”

These eligibility requirements are based on age/disability, residency, home ownership, property taxes payment history and income limits.

In this year’s budget, funding for the Senior Freeze program is increasing by $18 million in fiscal year 2020 for a total of $219.7 million, Taxation said.

The increase was because the budget removed language that capped income eligibility at $70,000, raising it back to $89,013, which will allow more people to apply, Taxation said.

Keep in mind that if your status is as a married/civil union couple and you lived in the same household, you must combine your incomes for the year and be below the income limits, said Deva Panambur, a certified financial planner with Sarsi, LLC in West New York. and adjunct professor of personal finance at Montclair State University.

The Division of Taxation has an online questionnaire to help you check your eligibility.

Email your questions to Ask@NJMoneyHelp.com.

This story was originally published on July 23, 2019.

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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