Real Estate

Practice Area

Real Estate

Ross & Ross, Attorneys at Law, LLC handles a wide variety of Real Estate transactions, as well as, real estate related matters.  We routinely represent individual homebuyers and sellers in the purchase or sale of their personal residence.  We also handle complex commercial transactions and represent Corporations, Real Estate holding groups, builders and developers in the acquisition and sale of significant commercial real estate.  This includes the utilization of IRS 1031 Exchanges to defer taxes.  Many larger commercial transactions require extensive effort in areas such as environmental cleanups, corporate structuring, as well as, complex tenancy and zoning issues.

We handle each transaction with the same level of importance and dedication, which we place all files. We realize that the purchase or sale of one’s home is oftentimes one of the most important purchases of a lifetime, and we spend a great deal of time working with our clients to be sure that they are comfortable and understand the transaction completely. There is a lot more information below which provides general information relating to the sale or purchase of residential real estate. Please feel free to contact us to discuss your matter more in detail.

We have handled thousands upon thousands of real estate transactions conservatively totaling in the hundred’s of millions of dollars. We have the vast knowledge needed to guide you through the process.

Commercial real estate transactions require broad knowledge of an array of disciplines. To properly evaluate, negotiate, and complete commercial transactions takes expertise in real estate law, as well as environmental law, business law, tenancy law and zoning. These matters require significant time, effort and understanding of the law in order to adequately represent our client’s interest. Steven P. Ross personally handles all real estate transactions and deals directly with the client in order to ensure the best results and communication with the client.

A 1031 exchange is a mechanism whereby the sale or exchange of real property held for productive use or investment may be exchanged for another like-kind property without the recognition of a gain or loss from that exchange as it relates to IRS income tax purposes. The requirements of the Code are rigid and no deviation is permitted. These areas require careful consideration and planning, as well as coordination with the client’s accountant. This is not something which should be performed as an afterthought. Careful consideration should be given to the process at the inception of a sale transaction, i.e. prior to signing a sales contract.  

We represent condominium associations in various aspects of their operation, including by-laws, modifications, unit owner disputes, construction disputes, corporate compliance, condo liens and other association issues. We will to create associations for newly-developed real estate projects.   Some smaller condominium associations can even avoid the need to file a Public Offering Statement if comprised of less than ten units.

We represent condominium associations in various aspects of their operation, including by-laws, modifications, unit owner disputes, construction disputes, corporate compliance, condo liens and other association issues. We are also happy to create associations for newly-developed real estate projects.   Some smaller condominium associations can even avoid the need to file a Public Offering Statement if comprised less than ten units.

Almost all commercial transactions seem to have some component of environmental analysis which oftentimes takes the form of a Phase I or Preliminary Assessment (PA) or Industrial Site Recovery Act (ISRA) Letter of Non-applicability.  Industrial in the state requires ISRA compliance prior to conveyance.  These matters can be extremely complex and require great care as well as attentive professionals to guide you through the process.

Foreclosure is a process by which a lender files suit to secure collateral of the debtor who is not current with his obligations.  The action is filed in the county where the property is located. The action is technical and often tedious but it must be handled with great care to avoid errors which could result in a dismissal of the action or create a defect in title.

See Also Quiet Title Actions

A 1031 exchange is a mechanism whereby the sale or exchange of real property held for productive use or investment may be exchanged for another like-kind property without the recognition of a gain or loss from that exchange as it relates to IRS income tax purposes.  The requirements of the Code are rigid and no deviation is permitted.  These areas require careful consideration and planning, as well as coordination with the client’s accountant. This is not something which should be performed as an afterthought. Careful consideration should be given to the process at the inception of a sale transaction, i.e. prior to signing a sales contract.

We represent both landlords and tenants in all types of projects, including apartment buildings, office buildings, shopping centers, restaurants, and industrial facilities. 

It is critical to be sure a lease contains the correct language to protect the client’s rights. Residential landlords must be sure their lease agreements provide adequate statutory notices to the tenants and contain the necessary language to protect their interest. An improperly drafted lease may permit a tenant to remain in possession of the premises without paying certain leasehold charges.   

Some basic residential leasing information to consider is:

· Does lease provide for: Legal fees, Late charges, and are these charges designated “as additional rent”? Failure to comply will prevent the landlord from regaining possession for the non-payment of these sums.

· Is the complex properly registered with the New Jersey Department of Community Affairs (NJDCA)? Failure to comply may prevent the landlord from regaining possession in a summary dispossess action against a residential tenant.

· Has the landlord filed the landlord registration statement with the clerk of the municipality? Failure to comply may prevent the landlord from regaining possession in a summary dispossess action against a residential tenant.

· Has the landlord properly notified the Residential Tenant as to the whereabouts of the tenant’s security deposit? Failure to comply may permit the tenant to utilize the security as rent and prevent the landlord from collecting additional security.

· Upon the Residential Tenant’s end of occupancy, has the landlord properly returned the tenant’s security deposit money? Failure to comply may permit the tenant to recover double damages plus attorney fees from the landlord.

All multi-family housing units in the State of New Jersey which contain three or more units are required to be registered with the New Jersey Department of Community Affairs (NJDCA). The housing complex is inspected approximately every five years by a representative of the NJDCA to insure compliance with applicable rules and regulations. Oftentimes these inspections result in the necessity to abate violations.  Failure to abate violations results in the issuance by the NJDCA, of fines and penalties.  Even after fines have been levied against the individual or entity, there remains a possibility to negotiate an amicable resolution.  We are happy to assist our clients in the resolution of these matters.

We have had great success in reducing the property taxes for our clients by utilizing property tax appeals.  The appeal process does not permit an appeal of the tax rate, but instead the appeal attacks the assessed valuation of the property.  The tax rate is then applied to the assessed valuation which has been assigned to the owner’s property. A reduction in the assessed valuation of the property, in turn reduces the actual taxes paid by the property owner.  Generally tax appeals must be filed on or before April first of each year.  However, it is necessary to start the process months in advance in order to obtain comparable listings, appraisal of the property, and other necessary information which we gather in order handle the appeal properly.

These matters are specific to board’s of Realtor® business.  If you have one of these issues, please call us for more information.

A quiet title action is a lawsuit filed in the county in which the real property is located and has been filed to cure a defect in the ownership of the specific property.   The defects range from open mortgages, open judgments, open tax liens, incomplete legal descriptions, unresolved estate issues, and other such problems.  We invite referrals as these matters many times originate from other lawyers who seek a real estate and title expert to cure such defects.

Specific performance is the remedy whereby one party requires the exact performance of a contract in the specific form in which it was written.  This is a remedy that is used where money damages would not be adequate to compensate the non-breaching party.  Generally, one party is seeking the return of an item or seeking to force a seller to convey an asset in accordance with a contract. It is required that the item being sought is unique in nature and that the item cannot be otherwise obtained.  For that reason, real estate is generally always viewed as unique. If you find yourself on the other end of a specific performance action you should call right away so we can evaluate your matter.

We represent our clients before zoning boards of adjustment, as well as the planning boards, of the local municipalities in various matters such as subdivisions and variances.  Depending upon the proposed use of the property, as well as the requested deviances from the accepted standards of the municipality, the application may be made to the zoning board of adjustment or planning board.  Oftentimes the application may permit the applicant to file before either board.  Careful consideration must be given to the complexity of the problem, as well as the makeup of the board.

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