The legalities of contracts can be understandably, quite confusing. I will be happy to assist you with any questions pertaining to real estate. Educating my clients is my #1 priority!
660 Asbury Ave.
Ocean City, NJ 08226
Cell: (609) 425-5337
The realty Transfer Tax is calculated on the deed consideration as follows:
$4.00 per thousand up to $150,000
$6.70 per thousand over $150,000 but less than $200,000
$7.80 per thousand over $200,000
Senior Citizens (age 62 or older) who are selling their primary residence are entitled to a partial exemption. It is calculated on the deed consideration as follows:
$1.00 per thousand up to $150,000
$2.50 per thousand over $150,000
Non-resident sellers (those not using "New Jersey" as their primary residence state) are required to pay an "estimated gross income tax" to the state at the time of sale. It is calculated as follows:
2% of the sales price.... more
If it is a short sale then why are you paying anything at this sale, first is this sale is no where near final, you have the bank wanting $95,000 and the Buyer has offered $87,500, there is no short sale here as far as I can see! The fact that you have paid PMI also seems to me the bank has all it needs by just making claim on the PMI. You need to talk to a Real Estate Attorney, they will explain the Short Sale Process as well as give you some advice and information as to what this whole mess is that you are in now. I caution you not to pay anyone anything until you have gotten legal advice! The fact that you have a short sale going means you did not have the financial means to make monthly payments, how in God's name does a bank now expect you to cough up $13, 500?... more