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Mount Royal : Real Estate Advice

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  • Home Buying0
  • Home Selling5
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Activity 7
Thu Nov 19, 2015
Elisa Dewees answered:
Thu Nov 19, 2015
Elisa Dewees answered:
the 2% tax also called the "Exit fee" is not charged by lawyers. It is a state law. If you have not lived at the home being sold 2 out of the last 5 years, teh state has title companies hold the taxes. Check with your accountant if you qualify to get the tax back.
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Sun Sep 14, 2014
Cecile Cassirer asked:
Mon Jun 27, 2011
Kimberly Thomas answered:
You may have a buyer's agent, whose fiduciary responsibility is solely to you, assist you through this very important business transaction. IF you have already toured the model home and allowed yourself to be signed-up (captured) by the builder's in-house agent then you will have to fight to get them to pay for a Realtor's assistance, but it can be done, You may have to threaten to cancel the contract -- something builder's don't want to hear in these uncertain economic times. If that doesn't work and you love the house, then you should hire an agent yourself. Doing so will likely save or earn you more than you spend. However you do it, I will tell you that you should absolutely be represented by an agent of your own because the builder will have you hooked into their attorney, title company, etc. and this can end up being very costly to you. I have come in late in a situation like this and negotiated extra incentives, negotiated furniture from the model home and saved my client money in "mistakes" made by the builder's title company. Spread the word to all you know - never walk into a builder's model home and sign up as a prospect without your own Realtor representation - it could end up costing you dearly. Also, be aware that a couple of builders in the area are in bankruptcy and there are caveats in signing a contract with a bankrupt builder. You will absolutely need your own Realtor and/or attorney.
I am a Broker-salesperson living and working in Gloucester County. If I may be of service to you, feel free to give me a call. My information is below.

Kim Thomas
Brown & Pope Realtors
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Sun May 16, 2010
Marc Paolella answered:
Hi Nanci,

There is no exit tax, it is a myth. There are some additional withholdings for residents leaving this overtaxed state, however they do not represent any actual additional tax. If you do not owe, you will receive the money back when you file your state income tax return.

At least that's the theory. With the state teetering on bankruptcy (both fiscal and moral), you do have to hope that the money for refunds is actually there next year. Hopefully by sweeping the last corrupt administration out of office there is some chance of a return to fiscal responsibility. Judging the by the volume of the screams we are hearing from the public sector, good things must be happening!

Good luck in your new state!


Marc Paolella
Relocation Director/Appraiser
Century 21 Joe Tekula Realtors
Phone (direct): (973) 584-4235
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Sat May 15, 2010
. answered:
Hi Chris,
In simple trerms, no you are not paying a tax to leave NJ. NJ withholds money, similar to your state income tax withholding, if you move out of state. They are trying to make sure those moving out of state file their taxes on their NJ income at the end of the year. You will receive a refund if you don't own any additional tax. In short, no there is no "Exit" tax. DO NOT BELIEVE THOSE THAT SAY "YES" there is a tax, because that is not accurate, it is withholding only. ... more
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Fri Oct 24, 2008
Jeanne Feenick answered:
Hi Raymond, I think the lack of a basement in a style that could have one, like a Colonial or Ranch detracts from value. In an area of the country where basements are expected/common, a Colonial on slab may be viewed less attractively than a split level. Generally Colonials are the most popular style, but of course it all depends on taste and also what is prevalent in the community of choice. Some areas were built up at a time when splits, bi-levels or ranches were especially popular - if you are targeting an area like that, then the homes people expect to find there are - well - expected.

For sure, the choice of style is a matter of taste, but your agent is guiding you well based on my experience. In this part of the country (NE), the absence of a basement is a tough sell. I marketed a beautiful home with a crawl space and this was our biggest obstacle and in the end, affected the price and the time to sell.

Jeannie Feenick
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