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When selling your home, it can seem like your to-do list is never-ending. Repairs and maintenance, packing and moving, listing and showing your home — all of this can be stressful. Once the sale is finalized, you can finally breathe a big sigh of relief. But there may be a few things you need to add to your to-do list. As a real estate lawyer in Monmouth County, Veitengruber Law works with sellers to ensure all the little details are correct—before and after closing. Here are 5 things you can check off your to-do list after the sale of your home: 1. Confirm Closing Payoffs After closing, ensure that all funds have been transferred correctly. This includes: Mortgage Payoffs: Your mortgage lender will give you a payoff amount to settle your loan. You should check with your mortgage servicer to ensure that the loan is fully paid. You should also receive a confirmation letter stating that your mortgage was paid in full. Late Property Taxes: Unpaid late property taxes are typically cleared during the closing process. You can confirm that taxes have been settled by contacting the tax office of the municipality where the property is located. Liens or Judgments: Liens or judgments associated with your property must be paid at or before closing. You can confirm this by contacting the lienholder or the court. The title agency or attorneys working on your closing should also be able to help verify that these issues are resolved. This information should all be in the closing documents you receive at settlement. Confirming these payoffs with the entity listed in the closing documents is crucial to avoid future financial and legal setbacks. Keep any confirmations in your records. 2. Retain All Documents You should hold on to any documents you received throughout the sale of your home, including the settlement statement, deed transfer paperwork, and any contracts you signed. If any questions about the sale arise in the future, you will have the necessary documentation to resolve any issues quickly. These documents can also help when it comes time to file your taxes. Keep hard copies in a safe, secure location where they will be protected from damage. For electronic copies, store them with an encrypted cloud service or a digital filing service that offers authentication procedures. 3. Prepare for Tax Season How you must prepare for tax season depends on your specific situation. If you made a significant profit from the sale of your home, you should likely consult with an experienced tax professional to understand what capital gains taxes you could owe. A tax professional will be able to help you prepare by calculating how much you may owe in taxes and helping you correctly apply for the exclusion. This number will change depending on how long you have had the property, your filing status, and any deductions you qualify for. Many home sellers benefit from the Primary Residence Capital Gains Exclusion, which allows individuals to exclude up to $250,000 of capital gains from their income, with married couples filing jointly able to exclude up to $500,000. This exclusion is designed to help homeowners avoid a significant tax liability when they sell. To qualify for this exclusion, the home must have been the primary residence for at least two out of the five years preceding the sale of the house. 4. Update Your Estate Plan When selling your home, it's also a good idea to update your estate plan documents. If your home is listed in a will, power of attorney, trust, or any other legal documents related to your estate, you need to revise these directives. If you have significant profit from your sale, you will also need to factor this new wealth into your estate plans. Veitengruber Law is an estate planning and real estate law firm in Monmouth County, and we can help ensure you are protecting your assets before and after the sale of your home. 5. Update Your Address Don't overlook the steps required to update your mailing address correctly. You can submit a change-of-address request with the postal service so that any mail sent to your old home will be forwarded to your new address. You should also take the time to update your address on all critical accounts, such as your bank, credit cards, insurance, investment accounts, and utilities. You should also inform your employer of your move. Notifying government agencies, such as the DMV and Social Security Administration, can also ensure you receive timely notifications from these entities. And, of course, you should inform your friends and family of your move so that those holiday cards reach the correct address. Veitengruber Law has been assisting New Jersey homeowners with selling their homes for over a decade. We can work with you to tackle your to-do list before, during, and after the sale.
When selling your home, it can seem like your to-do list is never-ending. Repairs and maintenance, packing and moving, listing and showing your home — all of this can be stressful. Once the sale is finalized, you can finally breathe a big sigh of relief. But there may be a few things you need to add to your to-do list. As a real estate lawyer in Monmouth County, Veitengruber Law works with sellers to ensure all the little details are correct—before and after closing. Here are 5 things you can check off your to-do list after the sale of your home: 1. Confirm Closing Payoffs After closing, ensure that all funds have been transferred correctly. This includes: Mortgage Payoffs: Your mortgage lender will give you a payoff amount to settle your loan. You should check with your mortgage servicer to ensure that the loan is fully paid. You should also receive a confirmation letter stating that your mortgage was paid in full. Late Property Taxes: Unpaid late property taxes are typically cleared during the closing process. You can confirm that taxes have been settled by contacting the tax office of the municipality where the property is located. Liens or Judgments: Liens or judgments associated with your property must be paid at or before closing. You can confirm this by contacting the lienholder or the court. The title agency or attorneys working on your closing should also be able to help verify that these issues are resolved. This information should all be in the closing documents you receive at settlement. Confirming these payoffs with the entity listed in the closing documents is crucial to avoid future financial and legal setbacks. Keep any confirmations in your records. 2. Retain All Documents You should hold on to any documents you received throughout the sale of your home, including the settlement statement, deed transfer paperwork, and any contracts you signed. If any questions about the sale arise in the future, you will have the necessary documentation to resolve any issues quickly. These documents can also help when it comes time to file your taxes. Keep hard copies in a safe, secure location where they will be protected from damage. For electronic copies, store them with an encrypted cloud service or a digital filing service that offers authentication procedures. 3. Prepare for Tax Season How you must prepare for tax season depends on your specific situation. If you made a significant profit from the sale of your home, you should likely consult with an experienced tax professional to understand what capital gains taxes you could owe. A tax professional will be able to help you prepare by calculating how much you may owe in taxes and helping you correctly apply for the exclusion. This number will change depending on how long you have had the property, your filing status, and any deductions you qualify for. Many home sellers benefit from the Primary Residence Capital Gains Exclusion, which allows individuals to exclude up to $250,000 of capital gains from their income, with married couples filing jointly able to exclude up to $500,000. This exclusion is designed to help homeowners avoid a significant tax liability when they sell. To qualify for this exclusion, the home must have been the primary residence for at least two out of the five years preceding the sale of the house. 4. Update Your Estate Plan When selling your home, it's also a good idea to update your estate plan documents. If your home is listed in a will, power of attorney, trust, or any other legal documents related to your estate, you need to revise these directives. If you have significant profit from your sale, you will also need to factor this new wealth into your estate plans. Veitengruber Law is an estate planning and real estate law firm in Monmouth County, and we can help ensure you are protecting your assets before and after the sale of your home. 5. Update Your Address Don't overlook the steps required to update your mailing address correctly. You can submit a change-of-address request with the postal service so that any mail sent to your old home will be forwarded to your new address. You should also take the time to update your address on all critical accounts, such as your bank, credit cards, insurance, investment accounts, and utilities. You should also inform your employer of your move. Notifying government agencies, such as the DMV and Social Security Administration, can also ensure you receive timely notifications from these entities. And, of course, you should inform your friends and family of your move so that those holiday cards reach the correct address. Veitengruber Law has been assisting New Jersey homeowners with selling their homes for over a decade. We can work with you to tackle your to-do list before, during, and after the sale.
Selling a home "as is" can help sellers save time, money, and stress on repairs and renovations. Many sellers are unable to afford major repairs and upgrades. While selling "as is" can lower your sales price and even result in fewer interested buyers, it is an attractive option for those seeking to sell a property with the least amount of work and up-front costs. In New Jersey, sellers are permitted to sell a property in "as is" condition. However, that does not relieve sellers of specific legal responsibilities throughout the sale. If you are selling an NJ property "as is," consulting with an experienced real estate attorney to discuss your obligations is crucial. Monmouth County attorney George Veitengruber and Veitengruber Law have been helping buyers and sellers fulfill their real estate goals for over a decade. Here are some things you need to understand about real estate law before you list your home "as is." What does selling "as is" actually mean? In New Jersey real estate law, selling "as is" simply means the seller intends to transfer the property in its current condition, with existing, disclosed defects. This is the seller telling the market they are unwilling to make repairs or improvements and, in some instances, will not make price concessions. An "as is" sales agreement releases the seller of any obligation to provide reimbursement for any losses or damage resulting from the condition of the property. It sets a clear expectation for the buyer up front that the seller is not willing to negotiate on repairs. While the "as is" clause relieves the seller from fixing the property's issues, it does not exempt the seller from disclosing these problems. The seller is still legally required to disclose any major defects with the property. The seller cannot knowingly withhold information about defects associated with the property. The condition of the property as presented in the listing and via correspondence with potential buyers must be accurate and honest to the best of the seller's knowledge. What is seller disclosure law? In New Jersey, sellers are legally required to disclose defects or repairs needed for the property they are attempting to sell. If the seller knows about a defect, they must tell any potential buyer. If a seller is found to be deliberately concealing a defect or even if the seller simply remains silent about a problem, they could face fraud charges and liability for damages incurred by the new owners. Adding an "as is" clause or a general disclaimer to a real estate contract does not exempt sellers from their disclosure obligations. If a damage or defect is not readily apparent to the buyer, the seller must still disclose these defects. For example, you are selling your home and you know that the roof leaks. A buyer tours your home on a sunny day and sees no water damage in the attic. As the seller, you are required to disclose that the roof leaks even if the defect is not obvious to the buyer. What is a Property Condition Disclosure Statement? A property condition disclosure statement is a common way for sellers listing a home "as is" to ensure they are satisfying their legal obligations to disclose any known defects. These statements can help establish buyer expectations, point inspectors to problem areas, and minimize the chance a buyer will back out at the last minute. While they are not required under NJ law, they can greatly reduce the chance of legal action against the seller. Some common issues the disclosure statement can address include: Roof: Detail the age and repair or replacement history of the roof. The seller can also disclose any leaks or previous damage from leaks. Attics, Basements, or Crawl Spaces: Disclose the condition from any current or previous water issues, including damage, mold, moisture retention, etc. Termites and Pests: You must disclose the presence of or damage from termites and other wood-destroying insects. You should also disclose the presence of any other pests that may damage the property. Structural Defects: Shifting, movement, or other damage to walls, floors, or foundations of all structures should be disclosed. You can also disclose defects with pathways, retaining walls, patios, driveways, or other hardscape structures. Water or smoke/fire damage also needs to be disclosed. Additions/Remodels: Any structural changes or alterations should be disclosed, including building permits and approvals. Plumbing: Water and sewage system issues should be disclosed, including issues with the discharge of wastewater, the water heater, and abandoned or shut off systems. Heating and AC: Disclose what kind of system you have, how old it is, and any known problems. Electric: Disclose any known problems and any modifications to wiring, amp service, or additions, including permits and approvals. Major Appliances: The working conditions of appliances included in the sale should be addressed. This includes smoke detectors, garage door openers, and pools. Environmental Hazards: If your household has received notification from any agencies about conditions on the property that may affect the quality of the air, soil, or water on the property, you must disclose this information to potential buyers. This includes testing for and treatment of radon gas or the presence of lead paint. Land or deed restrictions: This can include legal restrictions like zoning ordinances, protected areas, encroachments, easements, or HOAs. It can also include physical restrictions like wetlands, drainage or flooding issues, tidal water, mining operations, etc. If any boundary disputes are in progress, the buyer should be made aware of this. Legal actions: Any legal issues associated with the property should be disclosed to potential buyers, including zoning violations, nonconforming use, unpaid assessments, title problems, liens, and other ongoing legal matters. Can I sell without a certificate of occupancy? A certificate of occupancy (COO) is a document issued by a local authority that certifies the property's safety and compliance with local code laws. Typically, the seller is responsible for obtaining the COO prior to closing and paying the application fee. However, COOs are not required for every real estate transaction in NJ. As an alternative, sellers can obtain a temporary certificate of occupancy or a certificate of title transfer if the property's condition does not meet local municipal standards. If these alternatives are used, the seller should disclose this to the buyer and ensure they understand there is no COO for the property. Buyers may consider this option if they intend to make substantial repairs or renovations prior to moving into the property. Selling your home "as is" in New Jersey can simplify the sale for the seller, provided they comply with local, state, and federal disclosure laws. Working with an experienced attorney can help sellers protect their interests throughout a real estate transaction. Veitengruber Law can offer peace of mind throughout the sale of your property. Our Monmouth County real estate attorney can reduce your legal risk and simplify the selling process.
A Google search of “DIY estate planning” will return hundreds of results. Many online tools claim to offer easy, quick, and budget-friendly ways to create wills, power of attorney (POA) documents, medical directives, and even trusts. Many folks turn to these services because they feel more private and appear to be cost saving. However, the one-size-fits-all templates used by these companies offer limited protection and tend to overlook the intricacies inherent to every individual’s specific financial, legal, and personal circumstances. Often, ignoring the complexities of estate law can lead individuals and their loved ones into messy legal and financial territory, or even result in expensive court battles. We are an estate planning attorney in Monmouth County. At Veitengruber Law, we have expertise that has been earned over years of experience helping individuals and families plan for the future. We have worked with many folks facing the ramifications of DIY estate planning. Here are some of the big reasons why doing your estate planning with an online tool is a bad idea: 1. They don’t account for state-specific laws. Estate law is not uniform, and each state has unique rules and protocols. These variations can be significant enough that a will that is valid in another state may be invalid in New Jersey. This can cause considerable issues for your loved ones and may prolong, complicate, and increase the cost and stress of the probate process. When you work with an attorney experienced in estate law specific to your state, you know you are getting the most up-to-date and correct information possible. We can ensure that all your documents are valid and help your heirs avoid legal issues in the future. 2. They do not account for life changes. Life is constantly changing. Marriage, divorce, birth, death, adoption, estrangement—all of these events can drastically alter your estate plan. DIY plans often fail to capture the complex nature of these shifting personal realities. Additionally, creating an estate plan with a DIY tool means you will be responsible for periodically reviewing and updating it to reflect your current wishes for the future. When you create an estate plan with the help of an attorney, we can revisit your plan periodically to ensure timely updates of life changes. We can also help you draft documents that encompass the full breadth of your relationships, regardless of their complexity. This can help you guarantee that your loved ones are always taken care of. 3. They cannot help you avoid tax consequences. The rules surrounding estate and inheritance tax are complex. When you create an estate plan without considering the tax consequences for your loved ones, they could ultimately end up receiving a fraction of what you initially intended. You can limit the tax burden on your family and loved ones by working with an experienced professional who understands how to minimize taxes. A Monmouth County estate planning attorney can help you set up trusts to skip the probate process, take advantage of tax exemptions, or come up with a personalized strategy based on your needs. Estate planning law is intricate and complex. Protecting your assets and your legacy is not something you want to leave up to a boilerplate internet template. Veitengruber Law is a trustworthy and experienced estate planning attorney in Monmouth County. We can help you find the right plan to feel confident and secure in your estate planning.
Student loan debt represents a significant percentage of total household debt, accounting for about 9.2% of total household debt in the US. Most of this debt is held through federal loans, with just 7.5% of this debt held through private loans. While private loans can sometimes be discharged through bankruptcy, federal student loans have historically not been included in bankruptcy discharge. However, this standard is no longer as set in stone as it used to be. There are many avenues to student loan debt relief. Veitengruber Law is an experienced bankruptcy lawyer in Monmouth County. If you are considering including your student loans in your bankruptcy case, here are some things you should know. 1. There are different kinds of student loans. As discussed above, there are two main types of student loans: federal student loans and private student loans. Generally, neither is eligible for discharge through Chapter 7 or 13 bankruptcy. That being said, there are some kinds of private student loans that can be discharged through bankruptcy. 2. What loans can be discharged? Some private loans can be automatically discharged through bankruptcy. These include private loans that fall under any of the following provisions: Loans to attend schools ineligible for federal aid (like foreign schools or non-Title IV schools) Loans for attending school less than half-time Loans made in excess of the cost to attend the school Loans to cover fees and other living expenses incurred while the student was in preparation for a professional exam (like the bar exam or medical board exams) Loans that covered living expenses and moving costs for medical residencies Any loan made for non-qualified higher educational expenses 3. There is a risk of legal action after discharge. While the above circumstances make it perfectly legal to discharge your private student loan debt through Chapter 7 or 13 bankruptcy, private student loan lenders frequently try to sue borrowers for the debt after a discharge has been granted. If a lender contacts you about paying a discharged debt, you can reach out to an experienced NJ bankruptcy attorney who can guide you through your rights and how to respond to a lawsuit of this nature. 4. The "Undue Hardship Standard" is a difficult but not impossible option. In extreme cases, the court may grant you a Chapter 7 bankruptcy discharge for your student loans under the Undue Hardship standard. This is a very expensive, very difficult option that requires a lawsuit called an adversary proceeding to be filed in bankruptcy court. To prove undue hardship, you must prove that you: Cannot support a minimal standard of living based on your income and expenses Additional circumstances exist that will limit your ability to repay your loans (like a chronic medical diagnosis or permanent disability) You have made a good-faith effort to repay your loans If you decide to pursue discharge under the undue hardship standard, it is highly advisable to work with an experienced attorney. 5. Bankruptcy is not the only option. Besides the vast array of forgiveness programs, repayment plans, deferment options, and forbearance programs for federal student loans, you have other options if you are struggling with student loan debt. Filing for bankruptcy to eliminate other debts from credit cards, private loans, mortgage arrears, and more can open up more income to dedicate to your student loans. Even if you are unable to include your student loans in a bankruptcy discharge, getting rid of your other debt can make your student loan payments more manageable. Veitengruber Law is an experienced bankruptcy law firm. We can help you devise a plan to get out of debt. Call us today for a free consultation.
Foreclosure can be a stressful process resulting in financial devastation. The extent of the damage to your credit can depend on a number of factors. Regardless of how far your credit score drops after foreclosure, rebuilding your credit from the first day after foreclosure is possible. If you're looking for help with NJ credit repair after foreclosure, Veitengruber Law can help. As an experienced NJ foreclosure defense and credit repair attorney, we have worked with hundreds of clients to reduce the damage throughout the foreclosure process and help them rebuild their credit scores afterward. Working with an experienced credit repair professional can help you rebuild your credit quickly and efficiently, eliminating stress and giving you a clear plan for your future. Here, we will explore what foreclosure does to your credit score and simple, proven ways you can improve your credit after foreclosure. What will foreclosure do to my credit score? A foreclosure entry remains on your credit report for seven years from the date of the first missed payment that led your mortgage to enter default. At the end of these seven years, the entry is deleted from your credit report. Depending on your credit score before foreclosure, you can expect your score to drop between 100 and 160 points, on average. The higher your score before your foreclosure, the more you can expect it to fall after. Your score will be impacted as long as you have a foreclosure entry on your credit report. This impact will be most pronounced in the first few years and then slowly decrease until the end of the seven years. Lenders consider foreclosure a major red flag when considering your application for more credit or a loan. Many lenders will refuse to work with you in the first few years after your foreclosure. However, as time goes on and your credit improves, more lenders will be willing to work with you, even with a foreclosure entry on your report. Ultimately, you can begin improving your credit score on day one after a foreclosure entry is added to your credit report. The more proactive you are in the immediate aftermath of foreclosure, the sooner you will be able to improve your score and seek new financial opportunities. How can I limit damage to my credit score? There are some things you can do to limit the damage to your credit score while you are going through the foreclosure process. If you know you cannot save your home, focus your financial energy on paying your other bills on time and in full. Keep your credit utilization low, aiming to keep your utilization below 30% at least, but ideally 10% if you are facing foreclosure. You could also work with an attorney to look into alternatives to foreclosure, like a loan modification or a short sale. While these options will have some effect on your credit, it will not be as severe as with a foreclosure entry. How do I improve my credit score after foreclosure? Rebuilding your credit score is very possible, but it takes time, patience, and discipline. Veitengruber Law works with our clients to find achievable goals and actionable solutions that do not involve a ton of financial know-how. Often, the best path forward is utilizing basic good credit habits. Here are some of our tips: 1. Keep All Accounts Current Pay your bills on time, in full, every time. Payment history is the most critical factor in determining your credit score. Every single on-time payment adds positive data to your report and improves your score. The best way to ensure you can pay all your bills on time is to develop a realistic budget and stick to it. Determine your essential expenses and ensure you can pay for those before you pay for extras like entertainment. Sign up for automatic billing so you cannot forget to make a payment. Making on-time payments throughout the seven years after a foreclosure is the best way to ensure your score will rise quickly. 2. Lower Credit Utilization Keep your credit card balance as low as possible. While using credit cards and making payments on time each month can also help you rebuild your credit, there is no benefit to carrying card balances month to month. By paying off your credit card balance every month can keep your credit utilization low, which is another major aspect of improving your credit score. Low credit utilization typically means an improved credit score. This shows lenders that you understand how to use your credit and can manage your finances. You will also save money on interest charges. 3. Consider a Secured Credit Card Using a secured credit card can be very useful for rebuilding credit. With a secured card, a user puts a security deposit down that will serve as your credit limit. Deposit amounts typically start at just $200. To start, we usually suggest that our client use this card monthly for one expense, like groceries or gas. At the end of the month, pay off the balance. Every on-time payment will boost your score a little bit. Secured cards are a great way to build or repair credit without risking getting in over your head with credit card debt. 4. Monitor Your Credit Report This is a practice everyone should do periodically, but it is especially critical in the aftermath of foreclosure when you are trying to rebuild your credit. There are many free credit report services. Your bank or current credit card lenders may already provide these services to you. You can check these reports quarterly for any errors. If you find any errors on your credit report, you can file a dispute. This will prevent any inaccurate entries from dragging your credit score down unnecessarily. 5. Be Patient and Smart You will not rebuild your credit score overnight. It will take a bunch of time, dedication, and patience. Stay consistent, stick to your budget, and avoid any impulsive financial decisions. For example, applying for a new line of credit may be tempting when you see your score improve. But you need to keep in mind that credit inquiries can impact your score, too. Stay patient and work with an experienced credit repair attorney or financial expert to make a plan. This guidance can help you improve your score as quickly as possible. Within a few years, you may be able to apply for a vehicle loan, a credit card, or even a mortgage. George Veitengruber is an experienced NJ foreclosure defense and credit repair attorney. Our firm has worked with many NJ homeowners to save their homes from foreclosure, get out from under unmanageable debt, and find solutions to repair a low credit score. Every individual will benefit from different strategies based on their unique situation. Our credit repair solutions are fully customized to meet your needs and help you achieve your goals. If you are going through foreclosure or struggling in the aftermath, reach out to us for a consultation today.
Scheduled your free consultation appointment today, email us or call our office in Monmouth County at
(732) 695-3303.