Legal Question in Real Estate Law in New Jersey
My partner and I, both out of state residents, are selling a commercial building in NJ. I understand that there are certain forms e.g. "Non Resident Tax Declaration" and other forms that must accompany the deed. Can you tell me specifically what forms are needed and where I can obtain them? Also, is the old HUD-1 form still required?
4 Answers from Attorneys
Even for commercial properties, closing procedures in New Jersey vary depending on where the property is located. You might also want to reconsider whether you want to do this transaction without a lawyer.
See also: http://info.corbettlaw.net/lawguru.htm
Look, you are really running huge risks doing it yourself. A lawyer will cost you money, yes. Doing it yourself....may cost you a lot more. Really. There is a reason it takes me several hours of careful work to sell a commercial property for a client. Get a lawyer. Please.
And if you do not, please keep my number handy. You will likely need a lawyer to help fix what goes wrong. I have done a lot of those too!
I agree with the other authors that a local attorney familiar with these matters should be used. Some of the forms you need can be obtained at this web site: http://www.passaiccountynj.org/content/registry-of-deed-services.htm
The old form of HUD has been replaced. The Buyer may ask that the title company used handle the closing and they can prepare all forms for you, for a small fee. This can includea the Deed and ancillary forms, the HUD and similar documents. However, I strongly suggest using a local attorney to assist you.
Many of the forms can be found on title insurance agencies' websites. But, I must agree with the others. I suggest you retain legal counsel. I'd be pleased to speak with you.
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