With the acquisition of a new property, it becomes imperative to navigate the intricate landscape of landlord responsibilities. From deposit requirements dictated by the New Jersey Security Deposit Act to the mandatory registration under the Landlord Registration Act, this comprehensive guide aims to illuminate the essential steps landlords must take after closing on rental property. Delving into fundamental tasks such as security deposits, lease assessment, tenant relations, and legal considerations, this resource is designed to empower landlords with the knowledge needed for effective property management and compliance with pertinent regulations.
Explore the crucial post-home sale steps outlined in this guide, including saving closing documents, updating account addresses, mail redirection, and estate planning tactics. Perfect for home sellers to avoid potential pitfalls and ensure a smooth transition.
Congratulations on you’re first year as a homeowner! After a year in your new home, you’ve likely begun to settle in. However, the job of a homeowner is never truly complete. Now is the time to turn your attention to actions that will ensure your home remains a wise and secure investment. This blog identifies ten crucial steps to consider after your first year of homeownership. The first is to review your home inspection report, addressing the replacements and upgrades that, while not urgent at the start, may be now significant. Next, consider the importance of estate planning to protect your family’s financial future, evaluating your mortgage and homeowners insurance for proper rates and coverages, and checking city and county public records for unexpected changes. Read on as we delve into these topics and more, guiding you through this crucial phase of homeownership! Review Inspection Report For Recommendations Reviewing your home inspection report one year after your closing is a proactive strategy to prevent minor issues from becoming major problems. The inspection report identified recommendations for replacements or upgrades that, while not urgent at the time, may currently be necessary. For example, your inspection report may have stated the furnance is “presently working but budget for replacement in the future”. Now, the aging furnace is beyond it’s useful life. Replacement is no longer a recommendation; it’s safety concern that should be addressed to prevent the system from breaking down in the middle of winter leaving your home frigid. Similarly, central AC breaking down-mid summer can cause the home to be at above 90 degrees in a heat wave. Substantial risks particularly to small children. Delay in handling recommendations from the inspection report could result in heightened expenses. A fix may have been minor and cost-effective if timely handled, but the delay results in great repair costs (think water damage/mold if you didn’t replace a roof or plumbing). Minor cracks in a foundation can expanded if not properly sealed Ignoring sugested electrical repairs can result in loss of critical services, such as security systems, internet, and lighting. In the era of workinig from home, loss of these services could create employment issues. Estate Planning Real estate is an expensive asset. It is vital to have a plan in place as to how this asset is handled in case of death, incapacity, or inability to make decisions. Planning ahead will allow for your families best interests to be put paramount if one of these unfortunate events strike (after which it is too late to estate plan). A will, perhaps the most common estate planning document, details how you want your assets, including your home, distributed and who is responsbile for distribution after death. A will is essential for the following reasons: A power of attorney (“POA”) allows you to appoint someone to handle your legal and financial affairs if you become incapacitated. Contrary to some beliefs, a power of attorney is needed even for spouses to make decisions on each other’s behalf. … Read more
Congratulations on closing on your new home, and welcome to the exciting journey of homeownership! This is reason to celebrate, but also a time you are intensely busy. On top of work and family obligations, you may be dealing with packing and unpacking, buying and installing furniture and appliances, cleaning and making a few repairs. However, now is the time to prioritize safety, accuracy, and asset protection. This includes making sure there is no unauthorized access, registering with the city, changing over utilities, and avoiding new home buyer scams. Given you just acquired a major asset, it is vital to secure legal documents, update addresses on financial accounts, and to create a plan with a will and power of attorney document to ensure your asset and family members are cared for in the future. Read on to learn our “10 Steps to Take After Closing on Your New Home”! Step 1: Change Locks and Key Codes Changing locks after moving into a new home is critical for safety and security. Previous owners, real estate agents, and contractors, as well as their respective relatives and associates, may still have access into the residence. Don’t risk any unauthorized access (intentional or unintentional). Look for and change any key locks at the front door, back door, basement, windows and sheds. Reset key codes for digital and smart locks, doorbells, and related online accounts. Step 2: Change Addresses on Accounts Updating your address on your personal accounts is essential after relocating to a new home. This ensures that all your mail and packages are accurately delivered to your new location, avoiding lost, stolen, or mishandled mail. Many institutions, like banks and government bodies, require up-to-date address information for important communications or legal purposes. Make sure you do not miss crucial information or notifications, such as bills, renewals, tax information, and identity verifications. Here is a list of key accounts to prioritize changing the address: Step 3: Change Utilities to Your Name Changing utilities to your name after the closing is essential. This is ensures continued access to critical utilities and provides you control over these services. A swift change will help manage any issues effectively and effectively, as well as ensure you have accurate billing and usage information. The primary utilities to change to your name include electricity, gas, water, and sewer services. Life, including work from home and internet, could be interrupted without the change. Depending on your home, you might also have to consider other services such as trash collection, recycling services, pool services, septic services, and lawn care. To change utiliites, ontact each utility company directly, either online, by phone, or by visiting their local office if neessary. Be ready to provide personal identification, the address of the property, and a copy of the new deed. Companies might require additional details such as your move-in date, or meter readings upon moving in. Step 4: Save Key Legal Documents After a real estate closing, a buyer receives several official documents including: Securing … Read more
Co-op sales in New Jersey have a significant differences in the sales process. The contract, mortgage approval, client interviews, closing documents, pay-off statements, and title insurance change the sale dynamic