Real Estate
Crafting Commercial Lease Agreements
Let’s explore the types of commercial lease agreements you may encounter when renting a an office, warehouse or retail location. Renting real property is unique because the landlord retains legal ownership while the tenant uses it for their own chosen purposes. Both the landlord and tenant will typically agree to the terms of lease, which is often drafted by the landlord or their representative.
Renting is not just used for residential purposes either. Commercial renting is also very common. The primary difference between...
Read More....Inheritance Tax Comparison: NJ, PA & DE
This article should make you familiar with the general inheritance tax considerations in New Jersey, Pennsylvania, and Delaware. Tax considerations are a large part of the job of an administrator or executor of a Will. You should consult a certified public accountant with regard to all tax issues. The requirements vary by state, so you should make yourself familiar with the laws of your state in order to be properly prepared.
What is Inheritance Tax?Inheritance tax is a percentage of money that beneficiaries must pay when receiving...
Read More....Property Survey and New Jersey Real Estate Transactions
Do you need a property survey when purchasing property in New Jersey? It it is important to know what property and land you are going to own to the fullest extent possible. One of the ways to do this is to hire a professional to perform a survey of the property. There are several different types of surveys you can conduct, each providing different information.
What is a Property Survey?A property survey is when a qualified professional measures and prepares a report of a property’s land, borders, structures, and other elements. A property...
Read More....Basics of Real Estate Transactions in New Jersey
When it comes to the basics of real estate transactions in New Jersey, it can seem complicated and overwhelming if you are not familiar with the legal jargon and real estate-industry-related concepts. However, it is all relatively simple if you break it down. There are several types of real estate transactions to consider, and different approaches for each of them.
What is a Real Estate Transaction?
To start, it helps to know what qualifies as a real estate transaction, or what a real estate transaction can be defined as. A real estate ...
Read More....Understanding Real Estate vs Real Property in New Jersey
Real property can be confused with both personal property and real estate, none of which mean quite the same thing. To learn more about these differences, keep reading.
Understanding Real Property
While terms like “real property”, “personal property”, “real estate”, and even “land” can all be used in similar contexts, understanding their differences is important. In legal contexts specifically, knowing what each term entails is vital in communicating clearly. Real property is sometimes used less frequently, and therefore understood...
Read More....Supreme Court of New Jersey Says the Three-Day Attorney Review Period Does Not Apply to a Real Estate Auction
In 2016, Mengxi Liu participated in a real estate auction where she bid $1.1 million for a property owned by Max Spann Real Estate. Liu subsequently made a deposit on the property in the amount of $121,000. Unfortunately, Liu was not able to consummate the sale after making the deposit and Spann refused to return the funds as Liu was in breach of the contract.
Max Spann sued for breach of contract and Liu counterclaimed in an attempt to regain the $121,000 deposit. Liu argued that Spann’s real estate practice had been unlawful because there...
Read More....Purchasers of New Jersey Real Estate Fall Victim to Statute of Limitations Despite Tolling Agreement
After arranging the sale of a vacant lot and falsely telling the buyers that they had permission from the state to build on it, a group of realtors was spared liability because the plaintiffs waited too long to reinstate their claims. In a recent decision by the New Jersey Appellate Division, the plaintiffs were barred by a six-year statute of limitations on contract claims and could not reinstate their claim eight years after the matter was originally sent to mediation––even though the mediation consent order agreed to waive all statute...
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