There are a lot of intricacies and nuances that arise during real estate transactions which is why we get asked many questions by clients. We have collected a few of the most frequently asked questions and listed them below to hopefully help you better understand some of the terminology and what we do.
If you don’t see your question listed, let us know and we would be happy to assist you, your question may even make the list!
The duration can vary depending on factors such as the complexity of the transaction and the responsiveness of all parties involved. Typically, it can take anywhere from 30 to 60 days. Cash transactions can close in as little as 10 business days!
Costs may include title search fees, escrow fees, notary fees, and other closing costs. Our team will provide a detailed breakdown of all expenses involved.
Yes, as the owner with fee simple title, you have the right to sell the property at any time, subject to any existing mortgages or liens.
A 1031 Exchange, named after Section 1031 of the Internal Revenue Code, allows you to defer paying capital gains taxes on the sale of an investment property by reinvesting the proceeds into a new like-kind property. This tax-deferred exchange offers a powerful way to build wealth by enabling investors to leverage their real estate assets without immediately incurring tax liabilities.
The IRS requires that you identify potential replacement properties within 45 days of selling your original property and complete the purchase of the new property within 180 days.
Any proceeds not reinvested in a like-kind property are considered “boot” and are subject to capital gains taxes.
The probate process is a legal procedure that validates a deceased person’s will and oversees the distribution of their assets. It can affect how quickly and efficiently an estate is settled.
Yes, there can be estate taxes, inheritance taxes, and capital gains taxes associated with inherited property. The specifics depend on state laws and the value of the estate.
Ensuring a proper title transfer involves a title search, addressing any liens or encumbrances, and recording the deed with the local county. Our team handles all these steps to ensure a smooth transfer.
In an assignment, the original buyer assigns the contract to another buyer before closing, while in a traditional sale, the buyer purchases the property outright. Assignments require specific legal handling to ensure compliance.
Yes, we are licensed in both New Jersey and Pennsylvania, and we can manage investment transactions in either state.
An escrow service acts as a neutral third party in a real estate transaction, holding funds and documents until all terms of the sale are met, ensuring a secure and fair transaction.
Escrow ensures that all contractual obligations are met before funds are released, protecting both parties from fraud or disputes.
Our escrow services include dispute resolution assistance, helping to mediate and resolve any issues that arise to ensure a smooth closing process.
A title search can reveal issues such as unpaid taxes, outstanding mortgages, liens, easements, and any legal disputes related to the property.
The time required can vary depending on the complexity of the property’s history, but we strive to deliver results promptly to keep your transaction on track.
If an issue is found, you may need to resolve it before proceeding with the transaction. Our team can provide guidance on the best course of action based on the findings.
A notary is required to verify the identities of the signers, ensure the documents are signed willingly and correctly, and confirm that the signing complies with state laws, making the transaction legally binding.
If a document is not notarized correctly, it may be considered invalid, which could delay or jeopardize the real estate transaction. Our experienced notary agents ensure that all documents are executed accurately and legally.
