New Jersey Property Buy With Money

State:
New Jersey
Control #:
NJ-P021-PKG
Format:
Word; 
Rich Text
Instant download

Description

With this Commercial Property Sales Package, you will find many of the forms that are part of closing a commercial real estate transaction.


Included in your package are the following forms:



1. A Contract for the Sale and Purchase of a Commercial Lot or Land without a Broker;

2. A Option for the Sale and Purchase of a Commercial Building;

3. A Option for the Sale and Purchase of a Commercial Lot or Land;

4. An Addendum for Environmental Assessment of Threatened or Endangered Species or Wetlands;

5. An Addendum for Continued Marketing of Property by Seller due to Contingencies;

6. An Exchange Addendum to Contract for Tax Free Exchange under Section 1031;

7. A Tax Free Exchange Agreement pursuant to Section 1031; and

8. A Fixed Rate Promissory Note Secured by Commercial Real Estate.



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FAQ

Save for a down payment: You'll typically need at least 3 percent of the purchase price of the home as a down payment. Keep in mind that to avoid having to pay for mortgage insurance, though, you'll likely need to put at least 20 percent down.

The Guide to Purchasing Your Dream Home Step 1: Examine your finances. ... Step 2: Find a Realtor® ... Step 3: Get Pre-Approved. ... Step 4: Start the Home Search. ... Step 5: Attorney review. ... Step 6: Homeowner's Insurance. ... Step 7: Home Inspection. ... Step 8: Congratulations, you're a homeowner!

Sales Tax: Sales Tax is not due on home sales. Realty Transfer Fee: Sellers pay a 1% Realty Transfer Fee on all home sales. The buyer is not responsible for this fee. However, buyers may pay an additional 1% fee on all home sales of $1 million or more.

New Jersey exit tax exemptions If you remain a New Jersey resident, you'll need to file a GIT/REP-3 form (due at closing), which will exempt you from paying estimated taxes on the sale of your home. Instead, any applicable taxes on sales gains are reported on your New Jersey Gross Income Tax Return.

Recommended Minimum Savings Minimum Down Payment$17,500Closing Costs$5,228Estimated Cash Needed to Close$22,728Recommended Cash Reserve$10,657Total Recommended Savings$33,385

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New Jersey Property Buy With Money