Real Estate Resource Links - All You Will Ever Need

Here are the only sites that you will need to know when Buying, Selling or Leasing Property in New Jersey:

BestHomes-NJ.com - My main RE/MAX of New Jersey site for property search, latest listings and services for Residential, Commercial, Multi-Family, Lots/Land)

BestProperties-NJ.com - My main home page for all things Commercial

LawrenceYerkes.com - My personal web site with additional search, latest listings and FREE resources (including lots of Local information/resources)

SouthJerseyHomeFinder.com - Register for automatic e-mail hotlist notification of properties (Residential, Commercial, Multi-Family, Lots/Land) as soon as they become available on the MLS.

Copyright 2005 by Timon, Inc. All Rights Reserved.

Buyer Beware: Insurability of Property

When buying a new property, it is important that they buyer check with their insurance agent (their real estate agent can not do this, unless they also happen to be an insurance agent) and have them check the insurance property record for the property they are buying, as soon as possible upon acceptance of an offer. The insurance agent needs to confirm that the property is insurable at a reasonable rate (cost). This is especially important if you become aware that the property has had substantial and/or numerous property insurance claims during the past few years.

Copyright 2005 by Timon, Inc. All Rights Reserved.

Star Wars Saga - Entire Title Crawl Text

From our movie trivia department, here's some information for you Star Wars fans that can be found on the offical web site...

For completists and chroniclers of Star Wars history, click on the link below to see the title crawl text (the introduction that rolls up the screen in every Star Wars movie) for the entire Star Wars saga, including Episode III.

http://starwars.com/episode-iii/bts/production/f20050126/indexp2.html

Acting NJ Governor Signs Laws Clarifying Real Estate Transaction Fees

On Thursday, January 20, 2005, Acting Governor Richard Codey signed into law two bills that will clarify laws implemented under Governor McGreevey’s administration.


The first bill clarifies the law that established a requirement for nonresidents to pay estimated New Jersey gross income tax (ranging between 2-8%) on gain from New Jersey real estate transactions prior to the recording of the deed. The law signed by Acting Governor Codey specifies that the minimum payment of estimated gross income tax on a sale of real property in New Jersey by a nonresident is 2% of consideration paid on the sale, which was the procedure prior to the inception of the withholding provisions put forth under Governor McGreevey. This law shall take effect immediately and be retroactive to August 1, 2004.

For more details reference: NJ Assembly, No. 3510, State of New Jersey, 211th Legislature, Introduced November 15, 2004


The second bill Acting Governor Codey signed into law revises the statute imposing a 1% fee on the buyer of residentially zoned real property purchased for more than $1,000,000. The new law eliminates zoning status as the basis for determining the 1% fee. The new law specifically places the 1% fee on those properties classified as:

(1) Class 2 “residential” for assessment purposes;

(2) (a) Real property that includes property classified for assessment purposes as Class 3A “farm property (regular),” but only if the property includes a building or structure intended or suited for residential use, and (b) any other real property, regardless of class, that is effectively transferred to the same grantee in conjunction with the
property described in (a); or

(3) A cooperative unit as defined in the cooperative recording law.

The law also exempts any transfer of property to a charitable organization that is exempt from federal income tax under section 501(c)(3) of the federal Internal Revenue Code.

The new law will take effect on February 1, 2005, but will apply retroactively to transfers of property occurring on or after August 1, 2004, which was the effective date of the statute that established the 1% fee. The new law provides for refunds to any transferee who has paid the fee but would not be subject to the fee under the provisions of this new law. Refund procedures have not yet been established by the Division of Taxation.

For more details reference: NJ Assembly, No. 3302, State of New Jersey, 211th Legislature, Introduced September 27, 2004 [Second Reprint]

Source: NJ Association of Realtors

Visit my web site for additional Real Estate information, lastest listings and free resources: http://LawrenceYerkes.com

Copyright 2005 by Timon, Inc. All Rights Reserved.

Housing for Older Persons

For those looking for 55+ homes and adult communities in the South Jersey counties of Atlantic, Burlington, Camden, Cumberland, Gloucester, Mercer, Ocean and Salem, we have the ability to perform custom 55+ / adult community searches on the MLS databases for those counties. Please contact us for help and we will be glad to assist you with your 55+ housing search.

Visit my personal web site for contact details and additional resources (plus check out our "Seniors Advantage" section): http://LawrenceYerkes.com

Copyright 2005 by Timon, Inc. All Rights Reserved.

TV Browser/Guide For Your Palm Handheld: Pocket TV Browser

Here is a TV guide for your palm device that works great and, better yet, is free! The catch is that it requires some effort and technical agility to install the software, then register and connect to the TV listings feed for your locality.

Note: They offer a fee based feed option, but there have been some problems with that company and the information is the same as the free feed. Instead, look for information on XMLTV courtesy of Zap2it.com. (I found links on the main Pocket TV Browser page and in their main "News" section.)

Here is the link to get you started: Pocket TV Browser by Doublebit sofware.



Visit my web site for FREE Real Estate resources and latest listings: http://LawrenceYerkes.com

Copyright 2005 by Timon, Inc. All Rights Reserved.

Measurements and Calculating Square Footage

Information regarding taking property measurements and calculating square footage is often difficult for buyers to obtained from MLS listings, especially in many areas of New Jersey. That is because calculating square footage in the past has been subject to mathematical errors and differences as to what to include/excluse in the calculation, often prompting litigation.

Here are four online articles discussing different methods.

http://homebuying.about.com/cs/realestatepros/a/square_footage.htm

http://www.propex.com/C_SC_calcsf2.htm

http://members.ppar.com/private/reis/listing/house_measuring.htm

http://www.appraisetoday.net/measure.html

Skiing, Snowboarding and Related Winter Recreation Opportunities In and Around New Jersey

Here are winter related recreational resources for the greater New Jersey, Delaware Valley area:

IN NEW JERSEY:

Residents of New Jersey don't just enjoy the great benefits of the seashore, we also are within easy drive of many other recreational opportunities, including skiing and snowboarding during the winter.

As the New Jersey Tourist Bureau states, "One of the biggest winter surprises New Jersey has to offer is its four premier ski and snowboarding resorts."

In addition to areas, such as Vernon Valley and Great Gorge in the North, we are also within driving range of the Poconos in Eastern PA as well as areas in New York, Massachusetts and beyond.

Here are information resources for New Jersey if you have an interest in winter sports:

NJ Tourist - New Jersey's Ski and Snowboarding Resorts

Ski Central - Ski Resorts - New Jersey

Great New Jersey - Ski and Snowboarding Links

About NJ - Skiing Links

NJ Interscholastic Ski Racing Association (NJISRA)

AROUND NEW JERSEY:

The Pocono Mountain region, known as Pennsylvania’s playground as early as 1927, comprises 2,400 square miles of mountains, lakes, rivers, waterfalls, and woodlands. The region is located in the northeast corner of Pennsylvania, and includes Carbon, Monroe, Pike, and Wayne counties. Each county has a unique appeal, but all provide retreats into natural splendor. In 1963, the Pocono Mountain area received the title of Honeymoon Capital of the World, after one of its hotels offered a room with a heart-shaped tub. Today, the resort spot still hosts throngs of lovebirds. It is also a prime vacation destination for families and outdoor enthusiasts. Whitewater rafting, hiking, fishing, boating, golfing, and skiing are just a few of the recreational activities that lure vacationers. The cultural attractions and nightlife rival the area’s outdoor appeal.

Here are information resources for Poconos if you have an interest in winter sports:

Pocono Mountains Vacation Bureau

PoconoSki.com

Visit my personal web site for more information and free resources: http://LawrenceYerkes.com

Copyright 2005 by Timon, Inc. All Rights Reserved.

Free - HUD "Buying Your Home" Guide

When buying a new home, this booklet will help you take this big financial step by describing the home buying, home financing, and settlement (or "closing") process.

After identifying the home you desire to purchase, you will usually make an offer through your Real Estate Agent. Upon acceptance of that offer, the next step is to sign an agreement of sale with the seller, followed by formally applying for a loan to purchase your new home. The final step is called “settlement” or “closing,” where the legal title to the property is transferred to you. At each of these steps you often have the opportunity to negotiate the terms, conditions and costs to your advantage. This booklet will highlight such opportunities. You will also need to shop carefully to get the best value for your money. There is no standard home buying process used in all localities. Your actual experience may vary from those described here.

This booklet takes you through the general steps to buying a home, to eliminate, as much as possible, the mysteries of the settlement process. This booklet has especially good information about the HUD-1 Settlement Statement which you will encounter at closing and will be required to sign.

Lenders and mortgage brokers are required by federal law, the Real Estate Settlement Procedures Act (“RESPA”), to give you this booklet. You should receive it when applying for a loan, or within three business days afterwards. Real estate brokers frequently hand out this booklet as well.

This is a free booklet that is available as download from HUD's web site, and we offer a complementary copy (Adobe PDF format) for download from our site, just click on the following link:

HUD Buying Your Home Guide

Copyright 2005 by Timoninc.com. All Rights Reserved.

Music Festivals In and Around New Jersey

Here are links to information about various major music festivals happening annually in and around New Jersey:


Bluegrass Festivals
Bluegrass
Delaware Valley Bluegrass Festival, NJ
Gettysburg Bluegrass Festival, PA


Blues Festivals
Lehigh Valley Blues and Jazz Festival, PA
Briggsfarm Blues Festival, PA
The Philadelphia Blues Fest, PA
Chesapeake Bay Blues Festival, MD


Folk Festivals
Apple Farm Arts & Music Festival, NJ
Bethlehem Musikfest, PA
Bridgeton Folk Festival, NJ
Clearwater Hudson River Revival, NY
Cook Forrest Folk Gathering, PA
Falcon Ridge Folk Festival, NY
FOLK PROJECT Festivals, NJ
Greenwood Furnace Folk Gathering, PA
Knowlton Riverfest, NJ
Mayfair Festival of the Arts, PA
Monmouth County Clearwater Festival, NJ
New Jersey Folk Festival, NJ
Philadelphia Folk Festival, PA
Smithsonian Folklife Festival, DC
Spring Gulch Folk Festival, PA



Visit my web site for our additional resources and services: http://LawrenceYerkes.com

or visit http://BestHomes-NJ.com for the latest property listings (residential, commercial, multi-family, farm/land)

Copyright 2005 by Timon, Inc. All Rights Reserved.

Your Gonna' Pay -- NJ Transfer Taxes

New Jersey become very aggressive under the leadership of Governor McGrevey to find additional sources of revenue. As a result:

When you buy or sell property in New Jersey, if you are a state resident and especially if you are a non-resident, you will be subject to one or more of the new or increased New Jersey Real Estate Transfer Fees (i.e., Taxes).

For more information, go to New Jersey's web site. A few direct links for you are:

Realty Transfer Fees (RTF)
http://www.state.nj.us/treasury/taxation/text/realtytransfeestxt.htm

RTF Frequently Asked Questions (FAQs)
http://www.state.nj.us/treasury/taxation/text/lpt/rtffaqstxt.htm
http://www.state.nj.us/treasury/taxation/index.html?lpt/rtffaqs.htm~mainFrame

Main Taxation Page
http://www.state.nj.us/treasury/taxation/index.html (then click on "News")

Copyright 2005 Timon, Inc. All Rights Reserved.

Tax Free Exchanges and IRS Code Section 121 - Watch out for the New Residence Rules

--------------------------------------
re: IRS Code Section 121:
--------------------------------------

SOURCE: www.money-secrets.com - 12/11/04 06:25:54 am, Categories: Tips and Ideas, 379 words

Tax Free Exchanges: Watch out for the New Residence Rules

by Phil Craig

© Phil Craig, All Rights Reserved http://www.LivingTrustSecrets.com


On October 22, 2004, President Bush signed tax legislation that contained a provision affecting Internal Revenue Code section 1031 (the like-kind tax-free exchange rules).


Under this new provision a taxpayer who exchanges under Internal Revenue Code section 1031 into a rental house as a replacement property for a previous investor property and later converts it to his or her primary residence, is not allowed to exclude gain under the principal residence exclusion rules of Internal Revenue Code section 121, unless he/she sells the property at least five years from the date of its acquisition.


The results of this additional requirement to Internal Revenue Code section 121 is that anyone exchanging into a rental property that they such subsequently convert to personal use will have to wait at least five years from the date of acquisition before they can sell it as their residence and exclude any gain under Internal Revenue Code section 121.


The change to the home seller rules of Internal Revenue Code section 121 became effective for principal residence sales occurring on or after October 22, 2004. Any taxpayer who previously acquired their current residence through a tax-deferred exchange within the past three years will now have to wait at least another two years before selling their home and excluding any
gain, provided they meet the two out of the five-year occupancy test for living in the property.


New legislation created in 1997/1998 allows taxpayers to exclude capital gains tax on their profits from the sale of their principal residence up to $250,000 for single taxpayers and up to $500,000 for married taxpayers provided they have lived in their principal residence for two out of the past five years. Taxpayers can exclude this gain any number of times provided they have met the two out of the five-year occupancy test.


Good luck and until next time,

Phil Craig


P.S. Feel free to forward this on to any friends.

Phil Craig is a licensed attorney and entreprenuer. He started practicing law at age 25 in 1979. He does not take on any more clients, but is advisor to some of the biggest names in the internet world. He shares his knowledge gained over the last 25 years at his Living Trust Secrets newsletter site:
click here ======> http://www.LivingTrustSecrets.com

Real Estate Cyber Tips - January 2005

CYBER MAGIC TRICKS

TRICK#1 DID THAT MOUSE JUST GESTURE? www.tcbmi.com/strokeit/ Can your mouse make gestures? Seriously, this little program is a neat time saver. This great trick allows you to draw mouse gestures (simple symbols you "draw" on your screen using your mouse). This little genius recognizes the gesture and performs the "action" it has been preprogrammed to execute. In short, it's a nifty little program that lets you easily control programs by drawing symbols with your mouse. In addition this neat helper comes with over 80 gestures and can be easily trained to recognize many more. All you do is hold down the right mouse button and draw the gesture for the action you want. For example to go "back" in Internet Explorer you just draw a quick dash from right to left on your screen and -- Shazam the command takes you back. Great voodoo -- and the price is right. There is no cost for personal use of this gem!

TRICK #2 ATTEND THIS EVENT IN YOUR FUZZY SLIPPERS! www.REcyber.com/preconvention/ Here's a great trick! How about attending the biggest real estate gathering in history -- without leaving home. The largest group of folks interested in real estate to ever gather at one meeting will go shopping later this month. They will be looking for the latest in tech tools to beef up their efficiency, professionalism and service to the consumer/investor. Over 50,000 progressive agents, brokers and investors worldwide will sharpen their skills at the Fourth Annual Real Estate On-line Convention an Exposition On January 30 to February 5th - in cyberspace. Consumers and investors can also poke their heads in to see what's up in the real estate world. The Exposition will feature over 300 Booths with the latest and greatest real estate tools and technology. In addition over 30 national speakers will share their tips and tricks. Easy to visit -- No travel! No hotel bills! No time away from home -and no aching feet. Just the biggest real estate convention in the world -- and there is no cost to attend. Your pass is at: www.REcyber.com/preconvention/ You can attend in your fuzzy slippers!

GREAT PLACES!

GREAT PLACE #1 FIND A SOUND -- ANY SOUND! www.findsounds.com Need a sound effect for your web site or e-mail? These folks do their job so well that they have been featured by dozens of high profile reviews including the New York Times , PC World, Popular Science, Video Systems, Internet Life and Yahoo. When you visit this great place you can search the Web for any kind of sound effect you can imagine. Each month they process more than 1,000,000 sound searches for more than 100,000 users. Just think, you can e-mail your friends a new sound every day for the next 44 years -- a good way to insure that in about 6 weeks you won't have any friends left to e-mail anything to!

GREAT PLACE #2 DIGITAL CAMERA UNIVERSITY! www.imaging-resource.com Did you get a new digital camera as a holiday gift? Do you have any questions about it or about digital photography? Or are you just thinking about buying a new digital camera? If so you should visit this great place with deep and useful content that has been described as "the most comprehensive, informative, and factually accurate digital camera information available anywhere." There's very little about digital cameras that you can't find here. You can check the latest digital camera, scanner and printer reviews. Get independent and understandable test results and online shopping/price comparisons. There's good information here for everyone from novices to professional photographers -- including tutorials and a very unique "Comparometer" that lets you see identical shots taken from hundreds different camera models and compare the quality of the shots instantly.Good show!.

The information contained in Real Estate CyberTips is believed to be true and correct but no warranties or guarantees are provided and readers should rely solely on their own information and advisors in connection with any sites, services or products reviewed. All content Copyright 2004, RECS. All rights reserved.

New Year Strategy - SMART Goal Setting

This is a very brief outline for setting SMART Goals for the New Year:

Whatever goal(s) you decide to attain make sure you write it down and it contains ALL of the key indegrediants of the following "S.M.A.R.T." attributes, then you are well on you way to acheiving your goal:

S = Specific

M = Measurable

A = Achieveable, Attainable, Action-Oriented, Agreement (of those around you), Accountable (to others)

R = Realistic, Reliable, Rewarding, Results-Oriented

T = Time-Bound (Time-Constrained, Time-Limit), Time-Phased, Timely, Tangible.

(Regarding "time-bound": A goal without specific target dates is just wishful thinking.)


If your WRITTEN goal meets all 5 of these ingrediants and you actively work toward the goal with several mini-goals that are smaller steps oriented toward meeting the overall goal, you WILL succeed.

Wishing you a successful New Year!

Copyright 2005 by Timon, Inc. All Rignts Reserved.