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Laws have changed and can affect you!
As of October 1, 2018, the tax laws of New Jersey have been modifed to "solve" a tax "loophole" related to the rental of homes for a short term - such as weekly shore homes and the like. Unless one utilizes a New Jersey realtor, the owner of such a rental will be obligated to collct BOTH New Jersey sales tax and local hotel or other taxes. Be aware of this change, as one could receive a tax bill for same down the proverbial road... https://www.state.nj.us/treasury/taxation/pdf/TB-81R.pdf
As of January 1, 2014, consumer protection laws expired which could affect you if you are experiencing a foreclosure or if you are engaging in "short sale" negotiations. For years, banks had little motivation to complete foreclosure proceedings against people's primary residence. But, as of January, if you allow a foreclosure to be completed, not only can you loose your home, but you will now, in most cases, have to deal with a personal judgment that will follow you for twenty years or more. As such, make sure you get advice as to your options, as a"short sale" or bankruptcy can often eliminate the long-term personal ramifications of a forclosure action.
In addition, an important IRS policy also expired at the end of 2013. Unlike before, any "forgiven" debt, such as through a "short sale" or a "deed in lieu of foreclosure", must be reported as income on your federal tax return. This could result in significant tax liabilty. If you are considering entering into a transaction which results in forgiven debt, make sure you speak with a Certified Public Accountant to find out if options are available to you to minimize your potential tax liabilty.
Do you have a cesspool? You need to know, as New Jersey has passed a law which requires replacement of a cesspool, regardless of its functionality, prior to selling your home. With only minimal exceptions, chances are this law will require a home owner with a cesspool to spend a significant amount of money before they can close on a home. The goal of the legislature is to eliminate cesspools from the State for environmental reasons. If you are considering the sale of your house, make sure you determine the type of sanitary disposal system you have prior to listing it.
Underground Oil Tanks in New Jersey
Even if you have properly decommissioned an underground oil tank (leaving it in place and filling it with sand), new policies being instituted by insurance companys may require the removal of the oil tank when you sell your home.
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