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Answers to the
Real Estate IQ Test in The Somerset Hills Magazine!
Real Estate IQ Test in The Somerset Hills Magazine!
1. Buyers ring your doorbell and hand you a contract that their attorney prepared. If you sign it right then and there do you still have the attorney review period? Maybe not - Watch the video below!
Ron Forzani, Esquire, 908.221.0904
2. Does attorney review start in NJ when both attorneys receive a copy of the signed contract on an NJRealtors contract? NO! Watch the video below!
Ron Forzani, Real Estate Attorney 908.221.0904
3. What home prep expense tends to have the largest return on investment?
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You guessed it - painting! It adds a fresh look, more on trend, and we help you find a color that doesn't make your furnishings look more out of date!
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4. If you want to move but are waiting until you find the right home to list yours, what should you do right now while everything is in bloom?
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5. What do our B towns typically require in order to close on your home?
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Bernards Township aka Basking Ridge Required: Fire Inspection and Construction Records Clearance (CRC) showing no open permits. Click the link below
Bedminster - Required: Fire Inspection and Certificate of Records Clearance (showing no open permits)
Bernardsville - Fire Inspection Bridgewater - Fire Inspection and they check for open permits - in transition from in person to maybe online Long Hill Township - Fire Inspection Required |
6. What are all these "exit taxes" I'm hearing about when I sell my home in NJ? We asked Ron Forzani, Real Estate Attorney, in Basking Ridge, NJ. 908.221.0904
- Bottom line -
- Transfer tax - You pay it, and if you are 62 or over or disabled, it is virtually cut in half and then some.
- Withholding - If the home you are selling is your primary residence at sale, you may not even have to worry about it. If you've already established another primary residence outside of NJ, you may just need to file taxes to recoup the withholding. This has caused a lot of confusion, and your attorney can help you through it!
7. Which of the following does not require a permit?
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And the answer is F. Adding a new roof does not require a permit. However, while you don't need a permit, there are compliance requirements and rules for your safety, so check with your town. All the others plus many more alterations do require a permit -- Always check with the town! |
Let's discuss!
If you’re thinking of selling your home, buying one, or referring anyone anywhere in the world, don’t hesitate to call me on my cell at 908.938.2525. We are here to help you through this maze!
If you’re thinking of selling your home, buying one, or referring anyone anywhere in the world, don’t hesitate to call me on my cell at 908.938.2525. We are here to help you through this maze!
