The Mecca Law FirmThe Mecca Law Firm2024-02-01T03:30:12Zhttps://www.jlmeccalaw.com/feed/atom/WordPress/wp-content/uploads/sites/1301937/2020/02/cropped-favicon-32x32.pngOn Behalf of The Mecca Law Firmhttps://www.jlmeccalaw.com/?p=498732024-01-30T03:31:00Z2024-02-01T03:30:12ZGoals
Discuss with your child what the primary goal of the home is. For example, the goal could be to give your child a starter home, a more permanent place or an investment property that you envision selling in about 10 years.
For investment properties, focus even more on the neighborhood's growth potential, amenities and community development projects. Also, clarify whose name (or names) the house will be in.
Location
New Jersey offers a variety of neighborhoods, each with its own set of advantages and drawbacks. You and your child should analyze factors such as proximity to work, educational institutions and recreational areas.
Budget
A realistic budget is important. Assess your financial capabilities and explore mortgage options. The cost of living in Paramus is high, and a typical home costs $755,900.
Home inspection and quality assurance
A thorough home inspection is important before any home purchase becomes final. This process can uncover potential issues that might not be apparent during a casual walkthrough.
A qualified home inspector can save you from unforeseen expenses in the future. Additionally, consider the overall quality of the property. Focus on the durability of materials in construction and the functionality of systems such as plumbing and electricity.
Property taxes
Familiarize yourself with the local tax rates and regulations to avoid any surprises. Assess the property tax history of the area to anticipate potential future increases.
By exploring these aspects, you should be in a good place to make a well-informed decision that aligns with your financial goals and the needs of your child.]]>On Behalf of The Mecca Law Firmhttps://www.jlmeccalaw.com/?p=498722023-11-02T19:59:01Z2023-11-02T19:59:01ZFiling the will
The process begins when an individual with a will, the decedent, passes away. If there's a will, someone must present it to the Surrogate's Court, which serves as the starting point for probate.
Appointing an executor
The court appoints the individual the will names as the executor. In cases where there is no will or if the executor declines the role, the court appoints an administrator to oversee the estate. The executor or administrator takes on the responsibility of managing the estate's assets and carrying out the decedent's wishes.
Notifying heirs
One of the first tasks of the executor or administrator is to notify all heirs and beneficiaries about the probate proceedings. This involves informing them about the decedent's passing, the existence of a will and the plan for the distribution of assets.
Creating an inventory
An essential part of the probate process is creating an inventory of all the assets the decedent owned at the time of their passing. This includes property, bank accounts, investments and personal belongings. This inventory serves as the basis for the distribution of assets.
Notifying creditors and settling debts
The executor or administrator is also responsible for notifying potential creditors of the decedent's passing. Creditors have the opportunity to file claims against the estate to seek repayment for any debts.
Before distributing assets to heirs and beneficiaries, the executor must settle any outstanding debts and taxes.
Distribute assets and present final accounting
Once the executor settles all debts, taxes and administrative expenses, he or she distributes the remaining assets among the beneficiaries according to the decedent's will or, in the absence of a will, New Jersey's intestate succession laws. This distribution takes place under the supervision of the court. The executor will then provide an accounting to the court, which will then officially close probate.
Probate in Bergen County, New Jersey, is a structured legal process for handling a deceased person's estate that involves several key steps. Ultimately, the probate process ensures a fair and orderly distribution of assets to beneficiaries while settling the decedent's outstanding debts and obligations.]]>On Behalf of The Mecca Law Firmhttps://www.jlmeccalaw.com/?p=498712023-08-08T21:37:19Z2023-08-08T21:37:19ZWhen you are expecting a new child
Welcoming a new child to your family is an event that can particularly impact your estate planning priorities. You may consider updating your will to mention your new child as a beneficiary and to name an alternate legal guardian for your child in the event that you become unable to care for your children any longer.
When you marry or divorce
Marriage marks another occasion when you may wish to add someone to your will as a beneficiary of your estate. If you decide to undergo a divorce, it is equally important that you consider removing your spouse as a beneficiary in your will.
When you retire
As you approach retirement age, there are other unique considerations to account for in your will. It may be prudent to include a power of attorney to ensure that a trusted agent can handle your affairs for you if you become incapacitated.
Putting off writing a will can cause confusion regarding your estate if a tragedy occurs without your intentions being in writing. Updating your will regularly throughout your lifetime can also save you the stress of organizing all your priorities at once.]]>On Behalf of The Mecca Law Firmhttps://www.jlmeccalaw.com/?p=498492023-05-06T15:28:09Z2023-05-06T15:28:09Zthings to never ignore when buying a new home.
1. The home's condition
One of the most important things to consider when buying a new home is its condition. Before making an offer on a home, make sure to have a home inspection done by a qualified professional. A home inspector can identify potential issues with the home, such as structural damage, electrical or plumbing problems or mold. It is crucial to address any issues before closing on the home to avoid costly repairs down the road.
2. The neighborhood
The neighborhood in which the home is located is also an important consideration. Before making an offer, visit the neighborhood at different times of the day to get a sense of its character and vibe. Consider factors such as proximity to amenities, schools and transportation.
3. Financing and affordability
Financing and affordability are also critical factors to consider when buying a new home. It is important to determine how much you can afford to spend on a new home and to obtain pre-approval for a mortgage before beginning your search. Be sure to factor in expenses such as property taxes, insurance and maintenance costs when calculating affordability. Additionally, consider the type of mortgage that best suits your needs and circumstances, such as fixed or adjustable rate, and the length of the mortgage term. By carefully considering your financing options and affordability, you can make a good decision on a home and avoid financial stress down the road.
By taking the time to consider these details, you can make an informed decision about which home is right for you and your family and enjoy it for years to come.]]>On Behalf of The Mecca Law Firmhttps://www.jlmeccalaw.com/?p=498482023-02-06T22:22:07Z2023-02-07T22:21:19ZResearch the neighborhood
Location is often the most important element in a real estate transaction. It affects your quality of life and resale value, which is significant if you decide to purchase a starter home.
Start by attending open houses in your chosen neighborhoods. Take photographs, so you have something tangible to help you compare homes later. Research local crime rates and ask your realtor about safety concerns in the area. If you have or plan to have children, consider the school district, and make note of how far you are from important landmarks, such as grocery stores.
Know your budget
Determine how much you can spend and communicate that amount with your realtor. First-time buyers should have at least 20% to put down right away, but some lenders will allow as little as 3% depending on certain factors. Save money by setting up automatic deposits into a savings account and putting aside irregular income, such as bonuses or tax returns.
Know your financing options
Look into the different financing benefits for first-time buyers. The Federal Housing Administration Loan helps lower your mortgage costs. The Down Payment Assistance Program through the NJMFA can help you reach your down payment goals.
Research is the key to a successful home-buying process for first-timers. The more you know, the more potential disasters you can avoid.]]>On Behalf of The Mecca Law Firmhttps://www.jlmeccalaw.com/?p=498472022-11-07T19:54:24Z2022-11-07T19:54:24ZPrepare
The best way to ensure your children fulfill your wishes is to know which of them should be responsible. Therefore, before you draft and register your will with the state, talk to your children about other mature topics and decide which of them will be the best executor.
Plan
You cannot have your wishes fulfilled if nobody knows what they are. Therefore, ensure you have critical documents, such as your power of attorney and living will. These will be important if you become disabled and rely on others to make decisions for you. Similarly, finish your estate plan and record how you want to distribute your assets.
Inform
The most important part of this process is communicating these plans to your children. First, tell them about the documents and where they can find copies. Then, ensure they know how to activate these when the time comes.
The benefits of sharing your wishes should outweigh your fears of talking to your children about your plan. In the end, following these steps can ensure your children understand what you want so they can fulfill your wishes.]]>On Behalf of The Mecca Law Firmhttps://www.jlmeccalaw.com/?p=498452022-08-16T15:04:46Z2022-08-16T15:04:46Zbuying a home that home buyers in New Jersey should avoid doing.
Going over budget
When a prospective buyer sees a beautiful house that would be perfect for a person, couple, or family, it is tempting to consider purchasing the property even if costs more than the buyer planned to spend. Keep in mind that this is a long-term decision, and there will be property taxes to pay each year along with the monthly mortgage payments. Property taxes tend to increase with the value of the house, which makes buying a house that is too expensive an extra costly mistake.
Not completing an inspection
It is important to have a third-party professional come to inspect the house before making a purchase. Inspections help identify potential problems with the house that can be difficult to notice, such as cracks in the foundation.
Not looking at the neighborhood
The location of a home is an important consideration when looking at real estate. Buyers should check to see if the house is part of an HOA and if adhering to the HOA's rules is something they will not mind doing.
Avoiding mistakes as a home buyers helps ensure that the homeowner is happy for years to come.]]>On Behalf of The Mecca Law Firmhttps://www.jlmeccalaw.com/?p=495772022-05-19T20:18:50Z2022-05-19T20:18:50ZFederal mortgage programs
Various federal mortgage programs offer first-time buyers assistance through favorable loan terms. For example, Federal Housing Administration loans come with flexible down payment requirements reflecting buyers' credit scores. Other federal incentives include the Federal Department of Agriculture's down payment waiver to encourage suburban and rural homeownership among low-income purchasers. However, both organizations require mortgage insurance backing. Finally, veterans and their family members may qualify for Veteran's Administration-backed loans without a credit score or downpayment requirement.
State mortgage programs
The New Jersey Housing and Mortgage Finance Agency offer various programs to help first-time buyers afford mortgage payments. The first step requires prospective home buyers to fill out a state application to find a mortgage lender participating in the state's Housing Finance Agency program. HFA lenders provide 30-year, fixed-rate mortgages to borrowers who meet specific debt-to-income criteria and want to purchase qualifying homes in New Jersey. First-time borrowers may also receive an interest-free, five-year forgivable loan of $10,000 to apply toward a down payment and closing costs.
The state also assists New Jersey Police and Firemen's Retirement System members through a separate mortgage program. Loan applicants must serve for at least one year and purchase a home below the state's maximum limit to qualify for loans with a 30-year stable interest rate.
First-time homebuyers in New Jersey can rely upon various state and federal programs to bring them closer to closing on their dream homes.]]>On Behalf of The Mecca Law Firmhttps://www.jlmeccalaw.com/?p=495762022-02-16T17:41:30Z2022-02-16T17:41:30Z1. Do not rush
The more assets there are, the more complex your job as executor will be. You may want to discharge your duties in the most expedient way possible, but this could lead to making mistakes. Take your time. There are many obligations in the administration of an estate: The basics alone include paying debts, filing taxes, protecting the assets, and finally distributing them per the instructions in your uncle’s will. Do not try to skip ahead too quickly or you might skip over some important details.
2. Stay organized
There is a lot of paperwork in estate administration, and you may feel overwhelmed at first. Stay organized. Use task lists and check items off as soon as you complete them.
3. Follow instructions
You must follow the instructions of the court. Everything you do as executor must occur at the proper time in the administration process.
4. Stay connected
The beneficiaries may not realize how long it takes to settle an estate and will be anxious to receive information. Keep in contact and update them on your progress, especially as you meet important milestones.
5. Ask for help
One of the reasons your uncle may have asked you to serve as his executor is your common-sense approach to problems. Do not hesitate to ask for help from professionals, such as an accountant or an appraiser. You can look to an attorney for ongoing assistance in your work and to help you avoid any legal missteps.]]>On Behalf of The Mecca Law Firmhttps://www.jlmeccalaw.com/?p=495522021-11-10T16:57:57Z2021-11-10T16:57:57ZCloud on the title
The title company working with your real estate transaction will perform a title search to ensure that the house you buy is free of any type of encumbrance. Examples of “clouds” on the title include a contractor’s lien, outstanding property taxes or an issue stemming from a divorce decree. Your real estate attorney can follow up and ensure that there is a clear title before you buy the property.
Walk-through hiccup
As the buyer, you will take a final walkthrough of the home shortly before closing. This is normally a routine examination to ensure that there are no surprises. However, if the HVAC does not work, if a scheduled repair is still awaiting completion or if the double-door fridge you expected to inherit is no longer there, a delay in the closing could result.
Closing disclosure issue
The Closing Disclosure, or CD, consists of paperwork associated with the sale, such as the terms of your loan and the closing costs. The title company must send you the CD for your review no later than three days before the scheduled closing. Check that there are no errors in the paperwork, such as the misspelling of a name or an incorrect address. Rely on legal guidance to ensure there are no missteps in the closing process before you accept the keys to your new home.]]>