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In New Jersey, tax sale certificates are required to be sold by municipalities if a property owner fails to pay his/ her property taxes. The municipal tax collector holds a public sale (after advertisement/ posting) and then sells the Tax Sale Certificate (TSC) to the highest bidder at a public tax sale. Bidding actually goes “down” and not “up”, meaning that bidders compete against one another based upon the interest rate they are willing to accept – starting at 18% and then going down. If…Continue
A recent decision has been issued by the NJ Superior Court where a sale of a distressed property was stripped from the buyer and given back to a former owner. It is under appeal, but it spells TROUBLE for distressed property buyers if it is allowed to stand.
In the strange case, a tax lien investor completed a tax foreclosure and then received Final…Continue
Purchasers at New Jersey Sheriff Sales Must Beware of Pending Tax Appeals
By Anthony L. Velasquez, Esq.
On September 8, 2014, the NJ Appellate Court issued a published decision in Princeton South Investors v. First American Title Insurance (A-850-12) upholding the denial of a title insurance claim that was brought by the buyer of a property at a Sheriff Sale. The buyer had claimed that at the time of the Sheriff Sale there was a tax appeal…Continue
Added by Anthony L. Velasquez, Esq. on October 24, 2014 at 1:00pm — No Comments
Municipal Tax Liens Afforded Protection By Court - June 25, 2014
Earlier this week, on June 25, 2014, a decision from the NJ Supreme Court has bolstered the position of tax sale certificate holders throughout New Jersey -- particularly those seeking to enforce their rights and foreclose upon a property where the property owner has sought bankruptcy protection. It is a landmark decision and it helps to solidify and…Continue
Buyers of properties with active tax foreclosures CANNOT simply pay the tax lien at closing; they MUST file a Court motion first in time or else their property rights will be subsequently stripped!
This article is intended to AGAIN provide investors and buyers with knowledge of the NJ Supreme Court’s ruling and directive in Simon v. Cronecker, 189 N.J. 304 (2007) where the High Court…Continue
Added by Anthony L. Velasquez, Esq. on March 31, 2014 at 1:47pm — No Comments
By Anthony L. Velasquez, Esq.
On January 29, 2014, the Honorable Gloria Burns, Chief Judge of the U.S. Bankruptcy Court in New Jersey, issued a decision in the case In re Oyster Bay Inn, Inc., D.N.J. Bkr. Case No. 13-22624 (GMB) which may have wide spread implications for property acquisitions that have occurred by way of a tax foreclosure within New Jersey. Specifically, the Court held that a New Jersey tax foreclosure judgment resulting in a grant…Continue
Added by Anthony L. Velasquez, Esq. on February 5, 2014 at 1:33pm — No Comments
On December 27, 2013, the NJ Superior Court, Appellate Division, issued an unpublished decision denying a homeowner from insurance recovery for vandalism caused to his home, despite homeowner’s insurance, where the owner failed to make necessary changes to the insurance policy and provide notice that he had vacated the property. In Bulusu v. Allstate New Jersey Insurance Company, A-3694-12 (decided Dec. 27, 2013), the Court found that the owner had moved from the property and left it…Continue
Added by Anthony L. Velasquez, Esq. on January 6, 2014 at 1:00pm — No Comments
It is summertime, and that means many homeowners are taking advantage of the good weather and doing improvements on their homes. Some are landscaping; others are getting a new roof installed; still others are taking care of that long-awaiting new driveway and walkway. Whatever your project, you should avail yourself of the consumer protection laws that exist for you as a…Continue
Added by Anthony L. Velasquez, Esq. on August 7, 2013 at 2:30pm — No Comments
Here is an article I wrote a couple weeks ago that I thought might be interesting to the Tri-State group members.
Developers Take Note – Land Located Within Wetlands And Subject To The Freshwater Wetlands Protection Act Can Be Searched Without A Warrant (by Anthony L. Velasquez, Esq.)
The NJ Supreme Court recently issued a landmark ruling that permits warrantless searches of residential and commercial property subject to the Freshwater Wetlands…Continue
Added by Anthony L. Velasquez, Esq. on April 23, 2013 at 6:30pm — No Comments