Tagged: New Jersey real estate lawyer

New York and New Jersey Real Estate Questions

When purchasing or selling a home many questions may arise especially if it is a first time home purchase or selling a home for the first time. Questions may range from general questions to more in depth questions that may be answered with state specific or city specific laws in mind.

Real estate questions should be addressed to an experienced real estate professional so that answers can be answered appropriately based on the state specific laws (and possibly city specific real estate laws).

To speak with a New York and New Jersey real estate lawyer regarding any real estate questions call 718.979.4300. We are able to answer questions concerning and represent clients in:

  • Buying a home
  • Selling a home
  • Short sales
  • Refinancing a home
  • Home loan modification 
  • Purchasing a new construction home
  • Foreclosure 


Senate Considering Housing Credit Extension

This week Senate leaders have been more open about the talks of extending the housing credit that is available to first time homebuyers.  While Senators have yet to come to a decision as to what type of extension will be put in place they are highly considering some type of extension.

Senator Majority Leader Harry Reid and Senate Finance Committee Chairman Max Baucus are proposing that the housing tax credit be extended throughout 2010 but decrease in amount quarterly.  The credit would continue at $8,000 until the end of the first quarter and if successful would continue into the second quarter but will only be for a tax credit of $6,000 and so on and so forth until the end of 2010 at which time the last quarter would consist of a $2,000 tax credit for first time homebuyers and then would end at the end of 2010.

Another idea that is being proposed by Senator Banking Committee Chairman Christopher Dodd and Senator Johnny Isakson which is that the first time home buyer tax credit should be extended until June of 2010 but will be able to used by all first time home buyer couples who make less than $300,000 a year.

While the Senate has not decided on the exact terms of the extension yet House Speaker Nancy Pelosi said “generally we do support it” when asked about the tax credit extension but she also said that it is still too premature to determine if and under what conditions the first time homebuyers tax credit will be extended until the Senate reviews the situation and comes up with a proposal.

The consideration to extend the housing tax credit comes after mortgage brokers, real estate agents and home builders have been putting pressure on lawmakers to extend the first time homebuyer tax credit which they believe will cause the housing market to slump if taken away prematurely.

New Jersey & New York Real Estate Contract – What Buyers Need to Know

As home prices plummet and interest rates remain low, more homebuyers are stepping into the New York and New Jersey real estate markets.  For most people, a home is the largest investment they will ever make, which is why it is crucial they know what they are getting into.

If you are a homebuyer in New York, you will most likely be asked to sign a binder or contract when you want to make an offer on a property.  This binder contains the essential terms of the offer, such as price, deposit, down payment and mortgage amount.  Depending on where the property is located in New York or New Jersey, you might be asked to sign an actual contract that is a state-approved form.

Before you sign any contract or binder, you should have it reviewed by a New York or New Jersey real estate lawyer.  A real estate attorney will be able to make sure that all of the necessary elements are included in the contract and can even help with the negotiation process.

A good New Jersey or New York real estate contract should have a clause that allows a property inspection by a home inspector or engineer.  The home inspector will be able to examine the house, including the roof, plumbing system, electrical system and so on, to determine if any problems exist.

If you are considering purchasing or selling house in New Jersey or New York, you should contact a New York real estate lawyer at Decker, Decker, Dito & Internicola at (718) 979-4300 or (800) 976-4904.