Paterson

Judicial

In a judicial foreclosure state, the lender must go through the court system in order to foreclose on a property. This process can be longer and more expensive for the lender compared to a non-judicial foreclosure.

Attorneys handle closings in northern New Jersey, and title agents customarily handle them elsewhere. Conveyance is by bargain-and-sale deed with covenants against grantors’ acts (equivalent to a special warranty deed). Mortgages are the most common security instruments though deeds of trust are authorized. Foreclosures require judicial action which take 6-9 months if they’re uncontested. New Jerseyites use ALTA owner’s and lender’s policies. Both buyer and seller pay the escrow and closing costs. The buyer pays the title insurance fees, and the seller pays the transfer tax. Property taxes are payable quarterly on the first of April, July, October, and January.

Due quarterly on the 1st of April, July, October, and January.

YES. Key components of property management (renting, leasing and collecting rent) are considered real estate activities under existing New Jersey real estate licensing laws. If a property manager is going to rent, list, collect rents, procure prospects or negotiate, assist, or offer to perform any of those acts, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.

There are only limited exceptions to the requirement. For example, a bona-fide property owner is exempt as to their own property. For more information about these and other New Jersey property management requirements and exceptions, please contact the New Jersey Real Estate Commission. Before hiring a property manager to manage your New Jersey rental property, you should always check that he or she is licensed appropriately. You can check the license status of New Jersey property managers at the Commission's Real Estate Licensee Search.

A broker's license is required to manage community associations in New Jersey only if the manager is renting, leasing, selling or advertising.

New Jersey real estate broker licensing requirements include: - Age: 18 years of age or older - High School: must be a high school graduate or equivalent - Trustworthiness: must provide evidence of good moral character - Exam: must pass the real estate broker examination - Experience: must have worked as a salesperson full-time for three years immediately preceding the date of application - Education: must pass 90 hour pre-licensure course at an approved school

New Jersey real estate salesperson licensing requirements include: - Age: 18 years of age or older - High School: must be a high school graduate or equivalent - Trustworthiness: must provide evidence of good moral character - Exam: must pass the real estate salesperson examination - Education: must pass 75 hour pre-licensure course at an approved school Please note that New Jersey does not have reciprocity with any other state.