Important Information:

Selling a home is an exciting but complicated process. Mr. Pine will help guide you from contract to closing. When a potential buyer puts an offer in writing and you accept it, the signed acceptance becomes the sales contract. Once the real estate agent draws up the initial contract it will be submitted to your attorney to review the contract and protect your interests.

1. Issues that may be addressed during attorney review:

  • What is included in the sale price -- draperies, carpeting, light fixtures, heating oil, appliances, etc.
  • The amount of the down payment
  • The date of settlement and possession date
  • Contingencies to the sale--inspections or required improvements
  • Whether the transaction is an “As-Is” deal


2. Tax Implications

Selling a home can have a major impact on your federal and state tax returns. Check with your accountant or tax consultant on the factors that may affect taxes resulting from the sale of your home. For example:

  • Whether you purchased the home or acquired it by gift or inheritance
  • Whether you used your home partly for business or rental
  • Costs associated with selling your home
  • Home improvements or additions, which may help to offset capital gains
  • The sale of your home. In certain cases you can exclude up to $250,000 in gain ($500,000 for married couples filing a joint return) on the sale of property that was your principal residence for at least two years. Generally, you can use this exclusion every two years.


3. Documents Required:

  • At the end of attorney review, if your property is a condominium or townhouse, you will be required to provide a copy of the Public Offering Statement or Master Deed (comprising of the rules and bylaws for the condominium association) as well as the most recent budget or financial statement for the Association.
  • Once the closing is scheduled, you will provide a payoff statement showing the balance due on any mortgage you have, to pay the loan in full.
  • Depending on the type of property, you may be required to provide a Certificate of Occupancy for the property. Also, a Smoke Detector & Carbon Monoxide Certificate will have to be obtained through your local fire department.


4. What are my expected closing costs?

  • Your biggest closing expense will be paying off any existing mortgages.
  • If you have used the services of a realtor, the real estate commission will be due at closing and paid out of the proceeds.
  • You will be required to pay the New Jersey Realty Transfer fee at closing. This fee is imposed upon the recording of a deed, evidencing transfer of title to real property in New Jersey. This fee is always due from the Seller.
  • Any taxes and condo maintenance will be adjusted at closing.
  • After paying your attorney’s fees, the balance of the proceeds will be provided to you.