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2015 NJSBA Annual Meeting

Real Property Trust and Estate Track

Real Estate Transactions from A to Z-A 101 Course


Co-Sponsored by the Real Property, Trust and Estate Law Section

Speakers:
Matthew J. Schiller, Esq.
Greenbaum Rowe Smith & Davis, LLP, Woodbridge
Heather G. Suarez, Esq.
Walder Hayden & Brogan, PA, Roseland

2015 New Jersey State Bar Association. All rights reserved. Any copying of material herein,
in whole or in part, and by any means without written permission is prohibited. Requests for such
permission should be sent to the New Jersey State Bar Association, New Jersey Law Center, One
Constitution Square, New Brunswick, New Jersey 08901-1520.

The material contained in these pages is for educational purposes only and not intended as a
substitute for the professional services an attorney would normally provide to a client, including
up to the minute legal research.
REAL ESTATE
TRANSACTIONS:
FROM A-Z (101 SERIES)
Heather G. Suarez, Esq.
Walder Hayden, P.A.
Roseland, NJ

Matthew J. Schiller, Esq.


Greenbaum, Rowe, Smith & Davis LLP
Woodbridge, NJ
Introductory Remarks
Basic walkthrough of a residential real estate closing
1. Negotiation and Execution of Contract
2. Mortgage Process
3. Due Diligence (inspections, title search, survey)
4. Closing
5. Post-closing follow up items

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The Contract
A contract is a binding agreement between the purchaser and seller
that imposes and defines legally enforceable rights and obligations of
the parties.

Under the NJ Constitution, the New Jersey Supreme Court has sole
jurisdiction with regards to the practice of law (New Jersey
Constitution, Art. VI, Sec. 2, para. 3 (1947).

In New Jersey State Bar Assn v. New Jersey Assn of Realtor Boards,
93 N.J. 470 (1983), Supreme Court approved settlement between
State Bar and State Board of Realtors concerning the preparation of
residential contracts and leases.

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Primary Forms Of Residential Contracts
MLS Real Estate Brokers Form of Contract

Pre-Printed Forms, e.g. All-State Form/Legal Zoom

Draft contract prepared by Seller, Purchaser (or likely their


attorneys)

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Engagement of Client
Representation Letter
Fee Arrangement
Flat Fee Billing
Time-Incurred Billing
Billing for Services and Disbursements
Payment for Services upon termination of contract before closing
No Dual Representation
Other ethical considerations (trust accounts, informed
consent of clients, executing closing documents)

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3-day Attorney Review Clause
Settlement codified in N.J.A.C. 11:5-6.2:
Study by Attorney. Buyer and/or Seller may retain attorney to
review contract within 3 day period.
Counting of Time. 3 days from the date of delivery of the signed
contract to Buyer and the Seller. You do not count Saturdays,
Sundays or legal holidays. 3 day period may be extended in
writing.
Notice of Disapproval. If attorney disapproves of contract, must
notify broker and other party within 3 day period. Notice must be
sent via certified mail, telegram or personal delivery.
Conley v. Guerrerro, SOM-C-12005- 14 (Mar. 14, 2014)
PREDFDA - gives purchaser the right to cancel contract within 7
days (not 3) if a condominium.

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Addressing the Contract
Upon receipt of contract:
Attorneys can agree in writing to extend attorney review
Approve the contract in toto.
Disapprove of the contract and cancel the transaction
Disapprove of the contract in accordance with the terms of the
attorney review clause but then provide suggested revisions to the
contract to make it satisfactory
Offer an entirely new contract in place of original.
Contracts can be amended by rider or letter agreement
Best practice is to have buyer(s) and seller(s) sign to ensure enforceability

Request back title, permits and surveys

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Property Condition Disclosure Statement

Age/ownership
of house

Water/mold
problems

Insect infestation

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Property Condition Disclosure Statement
(Cont.)

Remodeling/
permits
Water source

Abandoned wells,
sewage tanks

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Property Condition Disclosure Statement
(Cont.)

Flood hazard zone

Shared common areas

Underground storage
tanks
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Property Condition Disclosure Statement
(Cont.)

Deed restrictions

Legal actions

Mortgages
Other defects

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Property Condition Disclosure Statement
(Cont.)

Items included
in sale

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Property Condition Disclosure Statement
(Cont.)

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Broker Disclosure Notice

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Commonly Negotiated Items
Mortgage contingency
Sales contingency
Items included in purchase
Inspection provisions and terms
Structural inspections
Environmental inspections (radon, formaldehyde, asbestos, pesticides, toxic
chemicals, water contamination)
Septic/well testing
Oil tanks

Closing date/time
Closing Documents (Form of Deed, Affidavit of Title, bulk sale, etc.)
Closing Adjustments
Use and Occupancy/Property Storage post-closing

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Standard MLS Brokers Contract

Property
The Parties Description

Purchase Price

Mortgage
Contingency

Closing & Deed


Information

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Brokers Contract (cont)
Tenants?

Marketable title

Single family/
Multi-family
Personal Property

Closing
adjustments

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Brokers Contract (cont)

Lead paint
disclosures

Home
inspections

Radon

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Brokers Contract (cont)

Seller cure
rights
Flood hazard
area

Attorney Review

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Brokers Contract (cont)

Brokers
commission

New
Private Well Construction
Testing Act

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Brokers Contract (cont)
Smoke detector
compliance

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New Construction Rider

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New Construction Rider (Cont.)

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New Construction Rider (Cont.)

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Short Sale Addendum

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Financing The Acquisition
Selecting Lender and the Loan
What, if any, type of financing is necessary?
Term of the Loan
Interest Rate
Mortgage related costs
Application fees
Points
Real Estate Taxes and Insurance Escrow
Prepaid Interest
Mortgage Insurance

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Mortgage Commitment

Loan Term &


Interest Rate Loan Amount
Monthly
payment
Commitment
deadlines
ARM?

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Mortgage Commitment (cont.)

Balloon payment

Tax/insurance
escrow

Origination charges

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Mortgage Commitment (cont.)

Named insured

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Mortgage Commitment (cont.)

Prepayment
penalty

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Mortgage Commitment (Cont.)
Additional
Closing
Conditions

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Mortgage Commitment (Cont.)

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Mortgage Commitment (Cont.)

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2015 Know Before You Owe Modifications
Attorneys who represent clients buying and selling real estate must prepare
for significant changes in the real estate settlement process in 2015.
New rules and enforcement mechanisms established by the Consumer
Financial Protection Bureau (CFPB) will alter the real estate process in New
Jersey and elsewhere. Understanding these changes will be critical in being
compliant with future real estate transactions.
Attorneys who intend to continue to act as settlement agent on residential real
estate transactions will need to adhere to new standards developed by the
American Land Title Association together with the lending industry. These
"Best Practices" will be the foundation of a compliance regime lenders are
requiring to satisfy their obligations to the consumer under the new regulatory
environment.
Matthew Cohen & Brad Bacha will be presenting on this on Thursday at 10:00
a.m. in the AQUA A& B Rooms.

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Obtaining Title Insurance
A title insurance policy may be defined as:
contract of indemnity under which the insurer for valuable consideration agrees to indemnify the
insured in a specific amount against loss through defects of title to, or liens and encumbrances
upon, realty in which the insured has an interest. Sandler v. N.J. Realty Title Ins. Co., 36 N.J.
471 (1962)
ALTA Homeowners & Loan Policies will be required
Covered risks include: forgery/impersonation; deed not joined in by a necessary party;
undisclosed (but recorded) prior mortgage or lien; undisclosed (but recorded) easement or use
restriction; erroneous or inadequate legal descriptions; lack of a right of access; and Deed not
properly recorded.
Title Policies are divided into six (6) parts
Insuring Clauses/Covered Risks
Exclusions from Coverage
Conditions & Stipulations or Conditions
Schedule A
Schedule B
Endorsements

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Title Commitment

Type of Policy

Proposed Insured

Current owner

Description of
Property

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Title Commitment (Cont.)

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Title Commitment (Cont.)

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Title Commitment (Cont.)

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Title Commitment (Cont.)

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Title Commitment (Cont.)

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Title Commitment (Cont.)

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Title Commitment (Cont.)

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Title Commitment (Cont.)

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Title Commitment (Cont.)

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Title Commitment (Cont.)

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Title Commitment (Cont.)

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Title Commitment (Cont.)
Judgment Search

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Survey

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Closing Service Letters
NJs Open Shop Law, N.J.S.A. 46:10A-6, prohibits lenders from requiring the
employment of lenders counsel by borrower. Borrowers attorney conducts closing on
behalf of lenders and borrowers.
Approved Attorneys Any attorney-at-law in NJ retained by purchaser to close the
transaction and receive funds at closing. Some title companies require that the
attorney submit an application to become approved attorney, others do not.
Closing Service Letters (CSLs) protect institutional lenders against actual losses
due to an attorneys failure to properly secure title and perfect lenders mortgage and
collect and pay the loan proceeds.
North Jersey Approved attorneys conduct closing without the presence of either
lenders counsel or representative from title company. Lender entrusts the mortgage
proceeds to be given to the closing attorney because it has received a CSL from a title
company.
South Jersey Closings are referred to as a settlement and are generally conducted
by title companies in their offices and control the closing, including the disbursement of
funds. CSLs may be given with respect to title companys settlement agent.
Trending towards national closing model (separate settlement agent) handles funds
and records closing documents.

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The Closing
At Closing Seller is to provide as follows:
Deed
Sellers Affidavit of Title (if requested)
Organizational Documents (if applicable)
Documents to Remove Title Exceptions
1099
Signed HUD-1 Settlement Statement
Other deliveries (tax bills, unexpired warranties, Certificate of Occupancy,
Smoke Detector Certificate, Keys, Security Codes, Garage Door Remotes,
etc.)
Certificate of Non-Foreign Status
Any other documents requested by title company and lender

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The Closing (Cont.)
At Closing Buyer/Mortgagor would deliver:
Notice of Settlement
Mortgagors Affidavit of Title
Execute Lenders Closing Documents (Note, Mortgage, other
ancillary loan documents)
Proof of Homeowners Insurance
Funds Due to Seller
Signed HUD-1
Documents to Remove Title Exceptions
Bulk Sale Clearance Letter (if applicable)

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Types of Deeds
There are 4 forms of deeds most commonly used:
Warranty Deed warrants good title and covenants to protect grantee in the event
that title is not as it is represented by grantor.
Contains covenants of: (i) seisin, (ii) right to convey, (iii) freedom from encumbrances, (iv)
general warranty, (v) quiet possession, & (vi) further assurances
Bargain and Sale Deed
Without covenants Grantor conveys what he owns without any covenants of any kind.
This is the default deed if not specified in contract.
With covenants as to Grantors Acts Most common deed in NJ. Deed contains a
covenant by the grantor in a deed that he has done no act to encumber the said lands while he owned the
property. This is a personal covenant and does not run with the land.
Special Warranty Deed Grantor warrants the title against defects arising after he
acquired title and not against defects running before that time. Special warranty
deeds extend the covenant to the grantees heirs and personal representatives and
assigns.
Quitclaim Deed Deed with no covenants. Conveys the rights of grantor, if any, to
the property.

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Deed

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Deed (Cont.)
Sellers Residency Certification

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Deed (cont.)
Affidavit of Consideration (Buyer)

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Deed (Cont.)

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Deed (Cont.)
Acknowledgment

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1099

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Sellers Affidavit of Title

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Sellers Affidavit of Title (Cont.)

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Closing Statement (HUD-1)

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Closing Statement (HUD-1) (cont.)

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Closing Statement (HUD-1) (cont.)

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Note

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Note (Cont.)

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Note (Cont.)

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Mortgage

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Mortgage Excerpts (cont.)

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Mortgage Excerpts (cont.)

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Mortgage Excerpts (cont.)

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Post Closing Follow-up Items
Title Company will submit documents for recording
Confirm cancellation of Sellers Mortgage
Finalize Owner and Mortgagee Title Insurance Policies
Prepare Closing Binder

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Common Interest Communities
Forms Condominimums, Fee Simple Planned
Developments, Cooperatives

Review Master Deed or Declaration & Public Offering


Statements

Governance By Community Association

Mortgage Financing considerations

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Landlord Tenant Considerations
Investment Properties
Mortgage considerations available loans & deposit amounts
Additional Closing Documents
Notice to Attorn
Assignment of Rents and Leases
Rent Adjustments
Transfers of Security Deposits
Transfer of Properties subject to Existing Tenancies
Purchase of Property with Intent to Occupy
Residential Tenant Protection Statutes, N.J.S.A. 2A:18-61.1 et seq.
Rent Control Considerations
Municipal rent control ordinances & unconscionability issues

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QUESTIONS?
Heather G. Suarez
Walder Hayden P.A.
5 Becker Farm Road
Roseland, NJ 07068
Tel. 973.992.5300
Fax 973.992.1006
Email: hgsuarez@walderhayden.com

Matthew J. Schiller
Greenbaum, Rowe, Smith & Davis LLP
99 Wood Avenue South
Woodbridge, NJ 07095
Phone: 732.476.2396
Fax: 732.476.2397
Email: mschiller@greenbaumlaw.com

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C-9600 STATE OF NEW JERSEY
10-07, R-7 DEPARTMENT OF THE TREASURY
DIVISION OF TAXATION
OVERNIGHT DELIVERY: MAILING ADDRESS:
Bulk Sale Section Bulk Sale Section Bulk Sale Section
50 Barrack Street PO Box 245 PO Box 245
Trenton, NJ 08695 Trenton, New Jersey 08695-0245 Trenton, NJ 08695-0245

NOTIFICATION OF SALE, TRANSFER, OR ASSIGNMENT IN BULK

ATTACH COPY OF PENDING CONTRACT OF SALE OR TRANSFER

This form is to be used by the purchaser/transferee to notify the Director of the Division of Taxation, of any bulk transfer in accordance with
P.L 2007, Chapter 100 (A5002). See Reverse Side.

By statute the following information is required to be submitted by registered mail ten (10) days before taking possession of, or paying for,
the property. CERTIFIED MAIL OR OVERNIGHT DELIVERY IS ALSO ACCEPTABLE.

Name of Purchaser(s) ____________________________________________________________________________________________

Trade Name of Purchaser(s) _______________________________________________________________________________________

Street ________________________________________ City _____________________ State __________ Zip Code ________________

Federal Identification No. _______________________________________ Social Security No. __________________________________

Name and Address of Attorney Sellers N.J. Tax Identification No.


or Escrow Agent for Purchaser ___________________________________________

Telephone Number (__________) ________________________________________

Sellers Liquor License No. (If Applicable)


Name of Seller(s) ______________________________________________________

Trade Name of Seller(s) _________________________________________________

Name of Officer, Partner, or Individual Owner _________________________________________________________________________

Home Address _________________________________ City _____________________ State _________ Zip Code ________________

Home Phone Number (________) ________________________ Business Phone Number (________)____________________________

Federal Identification No. _____________________________________ Social Security No. __________________________________


Name and Address of Attorney
or Agent for Seller _____________________________________________________ Phone Number (________)___________________

Date Seller Acquired Business: Month __________________ Year ______________

SCHEDULED DATE OF SALE Sales Price of Furniture, Fixtures & Equipment . . . . . . . . . . $___________________________

Sales Price of Land and Building . . . . . . . . . . . . . . . . . . . . . $___________________________


___________________________ Sales Price of Other Assets (attach schedule) . . . . . . . . . . . $___________________________

Total Sales Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $___________________________

TERMS AND CONDITIONS OF SALE

LOCATION OF BUSINESS OR PROPERTY

TYPE OF BUSINESS

______________________________________________ ______________________________________ _____________________


Signature Title - If other than purchaser, please identify Date
In accordance with P.L. 2007, Chapter 100 (A5002), whenever a person required to
collect any state tax, or whenever a person subject to any state tax, shall make a sale,
transfer, or assignment in bulk of any part or the whole of his business assets, otherwise
than in the ordinary course of business, the purchaser, transferee, or assignee shall at least
10 days before taking possession of the subject of said sale, transfer, or assignment, or
paying therefor, notify the Director by Registered Mail of the proposed sale and of the
price terms and conditions thereof whether or not the seller, transferrer, or assignor has
represented to, or informed the purchaser, transferrer, or assignee that he owes any tax
pursuant to this act, and whether or not the purchaser, transferee, or assignee has
knowledge that such taxes are owing and whether any such taxes are in fact owing.

Whenever the purchaser, transferee or assignee shall fail to give notice to the Director as
required, by the preceding paragraph, or whenever the Director shall inform the
purchaser, transferee, or assignee that a possible claim for such tax or taxes exists, any
sums of money, property, or choses in action, or other consideration, which the
purchaser, transferee, or assignee is required to transfer over to the seller, transferrer, or
assignor shall be subject to a first priority right and lien for any such taxes theretofore or
thereafter determined to be due from the seller, transferrer, or assignor to the State, and
the purchaser, transferee or assignee is forbidden to transfer to the seller, transferrer or
assignor any such sums of money, property, or choses in action to the extent of the
amount of the States claim. For failure to comply with the provisions for this section,
the purchaser, transferee, or assignee, shall be personally liable for the payment to the
State of any such taxes theretofore or thereafter determined to be due to the State from
the seller, transferrer, or assignor, and such liability may be assessed and enforced in the
same manner as the liability for tax under this act.

Title 54 of the New Jersey Statutes Annotated also provides the following:

54:49-1 Tax a debt and lien; preference; proceeds paid to Director

The taxes, fees, interest and penalties imposed by any such State tax law, or
by this subtitle, from the time the same shall be due, shall be a personal debt of the
taxpayer to the State, recoverable in any court of competent jurisdiction in an action in
debt in the name of the State. Such debt, whether sued upon or not, shall be a lien on all
the property of the debtor except as against an innocent purchaser for value in the usual
course of business and without notice thereof, and except as may be provided to the
contrary in any other law, and shall have preference in any distribution of the assets of
the taxpayer, whether in bankruptcy, insolvency, or otherwise. The proceeds of the
judgment or order obtained hereunder, shall be paid to the Director.

(L. 1936, c.263, 302, p. 808, as amended L.1952, c.169, 1, p.44.)

(Not an Official Reprint)

C-9600 (10-07, R-7) Page 2


GIT/REP-3
(6-10)
State of New Jersey
SELLERS RESIDENCY CERTIFICATION/EXEMPTION
(C.55, P.L. 2004)

(Please Print or Type)


SELLER(S) INFORMATION (See Instructions, Page 2)
Name(s)

Current Resident Address:

Street:
City, Town, Post Office State Zip Code

PROPERTY INFORMATION (Brief Property Description)


Block(s) Lot(s) Qualifier

Street Address:

City, Town, Post Office State Zip Code

Sellers Percentage of Ownership Consideration Closing Date

SELLER ASSURANCES (Check the Appropriate Box) (Boxes 2 through 8 apply to Residents and Non-residents)

1.  I am a resident taxpayer (individual, estate, or trust) of the State of New Jersey pursuant to N.J.S.A. 54A:1-1 et seq. and
will file a resident gross income tax return and pay any applicable taxes on any gain or income from the disposition of this
property.
2.  The real property being sold or transferred is used exclusively as my principal residence within the meaning of section 121
of the federal Internal Revenue Code of 1986, 26 U.S.C. s. 121.
3.  I am a mortgagor conveying the mortgaged property to a mortgagee in foreclosure or in a transfer in lieu of foreclosure with
no additional consideration.
4.  Seller, transferor or transferee is an agency or authority of the United States of America, an agency or authority of the State
of New Jersey, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government
National Mortgage Association, or a private mortgage insurance company.
5.  Seller is not an individual, estate or trust and as such not required to make an estimated payment pursuant to
N.J.S.A.54A:1-1 et seq.
6.  The total consideration for the property is $1,000 or less and as such, the seller is not required to make an estimated
payment pursuant to N.J.S.A. 54A:5-1-1 et seq.
7.  The gain from the sale will not be recognized for Federal income tax purposes under I.R.C. Section 721, 1031, 1033 or is a
cemetery plot. (CIRCLE THE APPLICABLE SECTION). If such section does not ultimately apply to this transaction, the
seller acknowledges the obligation to file a New Jersey income tax return for the year of the sale (see instructions).
 No non-like kind property received.
8.  Transfer by an executor or administrator of a decedent to a devisee or heir to effect distribution of the decedents estate in
accordance with the provisions of the decedents will or the intestate laws of this state.

SELLER(S) DECLARATION
The undersigned understands that this declaration and its contents may be disclosed or provided to the New Jersey Division of Taxation and that any
false statement contained herein could be punished by fine, imprisonment, or both. I furthermore declare that I have examined this declaration and, to
the best of my knowledge and belief, it is true, correct and complete. By checking this box  I certify that the Power of Attorney to represent the
seller(s) has been previously recorded or is being recorded simultaneously with the deed to which this form is attached.

__________________________________________ _____________________________________________________________________
Date Signature
(Seller) Please indicate if Power of Attorney or Attorney in Fact

__________________________________________ _____________________________________________________________________
Date Signature
(Seller) Please indicate if Power of Attorney or Attorney in Fact
Seller's Residency Certification/Exemption Instructions
This form is to be completed by individuals, estates, trusts or any other entity selling or transferring property in New Jersey not subject to
the Gross Income Tax estimated payment requirements under C55, P.L. 2004.
Name(s): Name of seller(s). If more than one owner separate forms must be used except for husband & wife/civil union couples that file
their income tax returns jointly.
Address: Seller(s) primary residence or place of business. Do not use the address of the property being sold. Unless a new residence
(permanent place of abode, domicile) has been established in New Jersey and said new residence is listed under seller(s) information, the
seller(s) is considered a nonresident. Part-year residents will be considered nonresidents.
Nonresident seller(s) will be required to make an estimated Gross Income Tax payment if they do not meet any of the seller(s) assurances.
Property Information: Information as listed on deed of property being sold.
Percentage of Ownership: If there is more than one owner list sellers % of ownership.
Consideration: "Consideration" means in the case of any deed, the actual amount of money and the monetary value of any other thing of
value constituting the entire compensation paid or to be paid for the transfer of title to the lands, tenements or other realty, including the
remaining amount of any prior mortgage to which the transfer is subject or which is assumed and agreed to be paid by the grantee and any
other lien or encumbrance not paid, satisfied or removed in connection with the transfer of title. If there is more than one owner, indicate
seller's portion of total consideration received. If the total consideration for the property is $1,000 or less complete the Sellers Residency
Certification/ Exemption form GIT/REP-3 and check box 6 under Sellers Assurances.
Seller Assurances: If you meet one of the eight criteria listed you are not required to make a tax payment at this time. Check which box
is appropriate to your situation. Note that boxes 2 through 8 apply to residents and non-residents.
Persons claiming an exemption under block #2 must be claiming an income/gain exclusion on their federal return for the property being
sold within the meaning of .121 of the Internal Revenue Code of 1986.
Non-resident taxpayers claiming an exemption under box #7 for IRC section 1031 and receiving non-like kind property (i.e. money, stocks,
etc.) as well as like kind property (i.e. real estate) with the exchange, must fill out the GIT/REP-1, NON-RESIDENT SELLERS TAX
DECLARATION form showing the non-like kind amount, and remit an estimated tax payment on the Fair Market Value of the consideration
received for the non-like kind property. If no non-like property was received please check the block indicating such.
A third party (the accommodation party) for a deferred like-kind exchange must remit an estimated tax payment of 2% of the fair market
value of the consideration received for the non-like kind property on behalf of the taxpayer if non-like property is received when the 1031
transaction is completed or remit 2% of the total consideration if the 1031 transaction is voided. Payment must be sent directly to the State
of New Jersey, Revenue Processing Center, P.O. Box 222, Trenton, NJ 08646-0222. Please fill out GIT/REP-1 and NJ-1040-ES Voucher.
Complete a GIT/REP-3 AND GIT/REP-1. The GIT/REP-3 should show the value of the like kind exchange. The GIT/REP-1 should show
the Fair Market Value of or consideration received for the non-like kind property (whichever is more).
Example: Mr. Smith exchanges rental property A with a fair market value of $1.2 million for rental property B with a fair market value of
$1.0 million and receives $200,000 in cash (non-like kind property). An estimated tax payment is required to be withheld on the $200,000
in consideration of non-like kind property for non-residents.
PROPERTY A $1,200.000
PROPERTY B $1,000,000
CASH $ 200,000
Consideration for estimated tax
payment for GIT/REP-1 $ 200,000

Signature: Seller(s) must sign and date the declaration. If the seller's representative is signing the declaration either (1) a Power of
Attorney executed by the seller(s) to the representative must be previously recorded or recorded simultaneously with the
deed to which this form is attached, or (2) a letter signed by the seller(s) granting authority to the representative to sign this
form must be attached.

All information requested on this form must be completed. Failure to complete the form in its entirety will result in the deed not being
recorded.

This form must be completed at the time of closing and given to the buyer or the buyer's attorney.

The buyer or buyer's attorney must submit the original Seller's Residency Certification/Exemption (GIT/REP-3) to the county clerk at the
time of recording the deed. Failure to submit the Seller's Residency Certification/Exemption (GIT/REP-3) or Nonresident Seller's Tax
Declaration (GIT/REP-1) or a Nonresident Seller's Tax Prepayment Receipt (GIT/REP-2) will result in the deed not being recorded.

The county clerk will attach this form to the deed when recording the deed.

Additional information regarding the Gross Income Tax estimated payment requirements on the sale of real estate can be found on the
Division of Taxations web page at www.state.nj.us/treasury/taxation.
RTF-1EE (Rev. 12/09) STATE OF NEW JERSEY
MUST SUBMIT IN DUPLICATE AFFIDAVIT OF CONSIDERATION FOR USE BY BUYER
(Chapter 49, P.L.1968, as amended through Chapter 33, P.L. 2006) (N.J.S.A. 46:15-5 et seq.)
PLEASE READ THE INSTRUCTIONS ON THE REVERSE SIDE OF THIS FORM BEFORE COMPLETING THIS AFFIDAVIT
STATE OF NEW JERSEY
FOR RECORDERS USE ONLY

}ss. County Municipal Code Consideration


RTF paid by buyer
$ ___________________________
$ ___________________________
COUNTY ___________________ ________________ Date ________________ By _____________________________

MUNICIPALITY OF PROPERTY LOCATION _______________________


(1) PARTY OR LEGAL REPRESENTATIVE (See Instructions #3 and #4 on reverse side) X X X X X -- X ____ ____ ____
Last three digits in grantees Social Security Number
Deponent, ______________________________, being duly sworn according to law upon his/her oath,
(Name)
deposes and says that he/she is the_______________________ in a deed dated _______________ transferring
(Grantee, Legal Representative, Corporate Officer, Officer of Title Company, Lending Institution, etc.)

real property identified as Block number _______________________________ Lot number ______________________________ located at

_______________________________________________________________________________ and annexed thereto.


(Street Address, Town)

(2) CONSIDERATION $_______________________________ (See Instructions #1, #5, and #11 on reverse side)
Entire consideration is in excess of $1,000,000:
PROPERTY CLASSIFICATION CHECKED OR CIRCLED BELOW IS TAKEN FROM OFFICIAL ASSESSMENT LIST (A PUBLIC RECORD)
OF MUNICIPALITY WHERE THE REAL PROPERTY IS LOCATED IN THE YEAR OF TRANSFER. REFER TO N.J.A.C. 18:12-2.2 ET SEQ.
(A) Grantee required to remit the 1% fee, complete (A) by checking off appropriate box or boxes below.
Class 2 - Residential Class 4A - Commercial properties
Class 3A - Farm property (Regular) and any other real (if checked, calculation in (E) required below)
property transferred to same grantee in conjunction Cooperative unit (four families or less) (See C. 46:8D-3.)
with transfer of Class 3A property Cooperative units are Class 4C.
(B) Grantee is not required to remit 1% fee (one or more of following classes being conveyed), complete (B) by checking off appropriate box or boxes
below.
Property class. Circle applicable class or classes: 1 3B 4B 4C 15
Property classes: 1-Vacant Land;3B- Farm property (Qualified);4B- Industrial properties;4C- Apartments;15: Public Property, etc. (N.J.A.C. 18:12-2.2 et seq.)
Exempt organization determined by federal Internal Revenue Service/Internal Revenue Code of 1986, 26 U.S.C. s. 501.
Incidental to corporate merger or acquisition; equalized assessed valuation less than 20% of total value of all assets
exchanged in merger or acquisition. If checked, calculation in (E) required and MUST ATTACH COMPLETED RTF-4.

(C) When grantee transfers properties involving block(s) and lot(s) of two or more classes in one deed, one or more subject to the 1% fee (A), with
one or more than one not subject to the 1% fee (B), pursuant to N.J.S.A. 46:15-7.2, complete (C) by checking off appropriate box or boxes and (D).

Property class. Circle applicable class or classes: 1 2 3B 4A 4B 4C 15


(D) EQUALIZED VALUE CALCULATION FOR ALL PROPERTIES CONVEYED, WHETHER THE 1% FEE APPLIES OR DOES NOT APPLY
Total Assessed Valuation Directors Ratio = Equalized Valuation

Property Class _____ $_____________________ ____________% = $_______________

Property Class _____ $_____________________ ____________% = $_______________

Property Class _____ $_____________________ ____________% = $_______________

Property Class _____ $_____________________ ____________% = $_______________


_________________________________________________________________________________________________________
(E) REQUIRED EQUALIZED VALUE CALCULATION FOR ALL CLASS 4A (COMMERCIAL) PROPERTY TRANSACTIONS: (See Instructions #6 and #7 on
reverse side)
Total Assessed Valuation Directors Ratio = Equalized Value
$_____________________ ____________% = $________________
If Directors Ratio is less than 100%, the equalized valuation will be an amount greater than the assessed valuation. If Directors Ratio
is equal to or exceeds 100%, the assessed valuation will be equal to the equalized value.
__________________________________________________________________________________________________________
(3) TOTAL EXEMPTION FROM FEE (See Instruction #8 on reverse side)
Deponent states that this deed transaction is fully exempt from the Realty Transfer Fee imposed by C. 49, P.L. 1968, as amended
through Chapter 33, P.L. 2006, for the following reason(s). Mere reference to exemption symbol is insufficient. Explain in detail.
___________________________________________________________________________________________________________
___________________________________________________________________________________________________________

(4) Deponent makes Affidavit of Consideration for Use by Buyer to induce county clerk or register of deeds to record the deed and
accept the fee submitted herewith pursuant to the provisions of Chapter 49, P.L. 1968, as amended through Chapter 33, P.L. 2006.
Subscribed and sworn to before me ______________________________ ___________________________
this day of , 20 . Signature of Deponent Grantee Name

__________________________________ _______________________________
Deponent Address Grantee Address at Time of Sale

_______________________________
Name/Company of Settlement Officer

County recording officers: forward one copy of each RTF-1EE to:

FOR OFFICIAL USE ONLY


STATE OF NJ - DIVISION OF TAXATION Instrument Number_________ County______________
PO BOX 251 Deed Number____________Book ______ Page ______
TRENTON, NJ 08695-0251 Deed Dated _________ Date Recorded _________
ATTENTION: REALTY TRANSFER FEE UNIT
The Director, Division of Taxation, Department of the Treasury has prescribed this form, as required by law. It may not be altered or amended without prior
approval of the Director. For further information on the Realty Transfer Fee or to print a copy of this Affidavit or any other relevant forms, visit:
www.state.nj.us/treasury/taxation/lpt/localtax.shtml.
INSTRUCTIONS FOR FILING FORM RTF-1EE, AFFIDAVIT OF CONSIDERATION FOR USE BY BUYER

1. CONSIDERATION STATEMENT AND REALTY TRANSFER FEE PAYMENT PREREQUISITES FOR DEED RECORDING
No county recording officer shall record any deed evidencing transfer of title to real property unless (a) the consideration is recited in
the deed, or (b) an Affidavit for Use by Buyer by one or more of the parties named in the deed or by their legal representatives declaring
the consideration is annexed for recording with the deed, and (c) for conveyances and transfers of property for which the total consideration
recited in the deed is not in excess of $350,000, a fee is remitted at the rate of $2.00/$500 of consideration or fractional part thereof not in
excess of $150,000; $3.35/$500 of consideration or fractional part thereof in excess of $150,000 but not in excess of $200,000; and
$3.90/$500 of consideration or fractional part thereof in excess of $200,000. For transfers of property for which the total consideration
recited in the deed is in excess of $350,000, a fee is remitted at the rate of $2.90/$500 of consideration or fractional part not in excess of
$150,000; $4.25/$500 of consideration or fractional part thereof in excess of $150,000 but not in excess of $200,000; $4.80/$500 of
consideration or fractional part thereof in excess of $200,000 but not in excess of $550,000; $5.30/$500 of consideration or fractional part
thereof in excess of $550,000 but not in excess of $850,000; $5.80/$500 of consideration or fractional part thereof in excess of $850,00 but
not in $1,000,000; and $6.05/$500 of consideration or fractional part thereof in excess of $1,000,000, which fee shall be paid in addition to
the recording fees imposed by Chapter 123, P.L. 1965, Section 2 (C. 22A:4-4.1) as amended by Chapter 370, P.L. 2001, through
Chapter 66, P.L. 2004, Chapter 19, P.L. 2005, and Chapter 33, P.L. 2006, which fee shall be paid to the county recording officer at the
time the deed is offered for recording/transfer. Of these fees, $.75/$500 of consideration or fractional part in excess of $150,000 paid to the
State Treasurer is credited to the New Jersey Affordable Housing Trust Fund.
In addition to all other fees imposed under Chapter 49, P.L. 1968 (C. 46:15-5 et seq.) as amended through Chapter 33, P.L. 2006, a
fee is imposed upon the grantee of a deed for the transfer of real property for consideration in excess of $1,000,000:
A. that is classified pursuant to the requirements of N.J.A.C. 18:12-2.2 as Class 2 residential;
B. that includes property classified pursuant to N.J.A.C. 18:12-2.2 as Class 3A: farm property (regular) but only if the property
includes a building or structure intended or suited for residential use, and; any other real property, regardless of class, that is
effectively transferred to the same grantee in conjunction with farm property as described above; or
C. that is a cooperative unit as defined in section 3 of P.L. 1987, c. 381 (C.46:8D-3);
D. that is classified pursuant to the requirements of N.J.A.C. 18;12-2.2 as Class 4A commercial properties, meaning any type of
income-producing properties other than properties in Classes 1, 2, 3A, 3B and those properties in Class 4B and Class 4C as defined in
N.J.A.C. 18:12-2.2 (f) and (g).
The 1% fee is not imposed on an organization determined by the federal Internal Revenue Service to be exempt from federal income
taxation pursuant to paragraph (3) of subsection (c) of section 501 of the federal Internal Revenue Code of 1986, 26 U.S.C. s. 501 that is
the grantee in a deed for consideration in excess of $1,000,000. The 1% fee shall also not apply to a deed if the real property transfer is
incidental to a corporate merger or acquisition and the equalized assessed value of the real property transferred is less than 20% of the
total value of all assets exchanged in the merger or acquisition.
2. WHEN AFFIDAVIT OF CONSIDERATION FOR USE BY BUYER MUST BE ANNEXED TO DEED
Recorded with the deed when the entire consideration is in excess of $1,000,000 or the equalized value of the Class 4A
property is in excess of $1,000,000; however, the Realty Transfer Fee is calculated on the consideration amount recited
in the deed.
When grantee claims an exemption from payment of the fee;
When the entire consideration is not recited in the deed or in the acknowledgement or proof of the execution.
Exemptions from the Realty Transfer Fee are found in N.J.S.A. 46:15-10.
3. LEGAL REPRESENTATIVE
Legal representative is to be interpreted broadly to include any person actively and responsibly participating in the transaction, such
as, but not limited to: an attorney representing one of the parties; a closing officer of a title company or lending institution participating in the
transaction; a holder of power of attorney from grantor or grantee.
4. OFFICER OF CORPORATE GRANTEE/OFFICER OF TITLE COMPANY OR LENDING INSTITUTION
Where a deponent is an officer of corporate grantee, state the name of corporation and officers title or where a deponent is a closing
officer of a title company or lending institution participating in the transaction, state the name of the company or institution and officers title.
5. CONSIDERATION
Consideration means in the case of any deed, the actual amount of money and the monetary value of any other thing of value
constituting the entire compensation paid or to be paid for the transfer of title to the lands, tenements or other realty, including the
remaining amount of any prior mortgage to which the transfer is subject or which is assumed and agreed to be paid by the grantee and any
other lien or encumbrance not paid, satisfied or removed in connection with the transfer of title.
6. DIRECTOR'S RATIO
Directors Ratio means the average ratio of assessed to true value of real property for each taxing district as determined by the
Director, Division of Taxation, in the Table of Equalized Valuations promulgated annually on or before October 1 in each year pursuant to
N.J.S.A. 54:1-35.1. The Table is used in the calculation and apportionment of distributions pursuant to the State School Aid Act of 1954.
Directors Ratios may be found at: http:www.state.nj.treasury/taxation/lpt/lptvalue.shtml.
7. EQUALIZED VALUE
Equalized Value means the assessed value of the property in the year that the transfer is made, divided by the Directors Ratio. The
Table of Equalized Valuations is promulgated annually on or before October 1 in each year pursuant to N.J.S.A. 54:1-35.1. Example:
Assessed value = $1,000,000; Directors Ratio = 80%. $1,000,000 .80 = $1,250,000. If Directors Ratio is less than 100%, the
equalized value will be an amount greater than the assessed value, if Directors Ratio is in excess of 100%, the assessed value will be
equal to the equalized value. When calculating equalized value for item(C) as shown on front portion of this form, aggregate assessed
values by property class. See http://www.state.nj.us/treasury/taxation/pdf/lpt/multiclasst.pdf.
8. TOTAL EXEMPTION FROM THE REALTY TRANSFER FEE (GRANTOR/GRANTEE)
The fee imposed by this Act shall not apply to a deed:
(a) For consideration of less than $100; (b) By or to the United States of America, this State, or any instrumentality, agency or subdivision;
(c) Solely in order to provide or release security for a debt or obligation; (d) Which confirms or corrects a deed previously recorded; (e) On
a sale for delinquent taxes or assessments; (f) On partition; (g) By a receiver, trustee in bankruptcy or liquidation, or assignee for the
benefit of creditors; (h) Eligible to be recorded as an ancient deed pursuant to R.S. 46:16-7; (i) Acknowledged or proved on or before
July 3, 1968; (j) Between husband and wife/partners in a civil union couple, or parent and child; (k) Conveying a cemetery lot or plot; (l) In
specific performance of a final judgment; (m) Releasing a right of reversion; (n) Previously recorded in another county and full Realty
Transfer Fee paid or accounted for as evidenced by written instrument, attested to by the grantee and acknowledged by the county
recording officer of the county of such prior recording, specifying the county, book, page, date of prior recording, and amount of Realty
Transfer Fee previously paid; (o) By an executor or administrator of a decedent to a devisee or heir to effect distribution of the decedents
estate in accordance with the provisions of the decedents will or the intestate laws of this State; (p) Recorded within 90 days following the
entry of a divorce decree which dissolves the marriage/civil union partnership between the grantor and grantee; (q) Issued by a cooperative
corporation, as part of a conversion of all of the assets of the cooperative corporation into a condominium, to a shareholder upon the
surrender by the shareholder of all of the shareholders stock in the cooperative corporation and the proprietary lease entitling the
shareholder to exclusive occupancy of a portion of the property owned by the corporation.
9. REALTY TRANSFER FEE IS A FEE IN ADDITION TO OTHER RECORDING FEES
The county recording officer is required to collect the Realty Transfer Fee at the time the deed is offered for recording/transfer.
10. AFFIDAVITS OF CONSIDERATION FOR USE BY BUYER FORWARDED TO DIRECTOR, DIVISION OF TAXATION
The county recording officers shall forward one copy of each Affidavit of Consideration for Use by Buyer filed and recorded with deeds
to the Director of the Division of Taxation on the tenth day of the month next following the filing of the deed.
11. PENALTY FOR WILLFUL FALSIFICATION OF CONSIDERATION AND TRANSFERS OF NEW CONSTRUCTION
Any person who knowingly falsifies the consideration recited in a deed or in the proof or acknowledgement of the execution of a deed
or in an affidavit annexed to a deed declaring the consideration therefor or a declaration in an affidavit that a transfer is exempt from
recording fee is guilty of a crime of the fourth degree (Chapter 308, P.L. 1991, effective June 1, 1992). The Division of Taxation is entitled
to review the Fees collected pursuant to the State Uniform Procedure Law. The Director of the Division of Taxation is authorized to make
deficiency assessments to taxpayers who have, intentionally or mistakenly, underestimated the consideration or sales price of properties
on the Affidavit of Consideration for Use by Buyer attached to deeds and upon which the Realty Transfer Fee is based.
12. COUNTY/MUNICIPAL CODES
County/Municipal codes may be found at http://www.state.nj.us/treasury/taxation/pdf/lpt/cntycode.pdf.
This form is a statement of final loan terms and closing costs. Compare this
Closing Disclosure document with your Loan Estimate.

Closing Information Transaction Information Loan Information


Date Issued 4/15/2013 Borrower Michael Jones and Mary Stone Loan Term 30 years
Closing Date 4/15/2013 123 Anywhere Street Purpose Purchase
Disbursement Date 4/15/2013 Anytown, ST 12345 Product Fixed Rate
Settlement Agent Epsilon Title Co. Seller Steve Cole and Amy Doe
File # 12-3456 321 Somewhere Drive Loan Type x Conventional FHA
Property 456 Somewhere Ave Anytown, ST 12345 VA _____________
Anytown, ST 12345 Lender Ficus Bank Loan ID # 123456789
Sale Price $180,000 MIC # 000654321

Loan Terms Can this amount increase after closing?


Loan Amount $162,000 NO

Interest Rate 3.875% NO


Monthly Principal & Interest $761.78 NO
See Projected Payments below for your
Estimated Total Monthly Payment

Does the loan have these features?


Prepayment Penalty YES As high as $3,240 if you pay off the loan during the
first 2 years

Balloon Payment NO

Projected Payments
Payment Calculation Years 1-7 Years 8-30

Principal & Interest $761.78 $761.78

Mortgage Insurance + 82.35 +


Estimated Escrow + 206.13 + 206.13
Amount can increase over time

Estimated Total
Monthly Payment $1,050.26 $967.91
This estimate includes In escrow?
Estimated Taxes, Insurance x Property Taxes YES
& Assessments $356.13 x Homeowners Insurance YES
Amount can increase over time a month x Other: Homeowners Association Dues NO
See page 4 for details
See Escrow Account on page 4 for details. You must pay for other property
costs separately.

Costs at Closing

Closing Costs $9,712.10 Includes $4,694.05 in Loan Costs + $5,018.05 in Other Costs $0
in Lender Credits. See page 2 for details.

Cash to Close $14,147.26 Includes Closing Costs. See Calculating Cash to Close on page 3 for details.

CLOSING DISCLOSURE PAGE 1 OF 5 LOAN ID # 123456789


Closing Cost Details
Borrower-Paid Seller-Paid Paid by
Loan Costs Others
At Closing Before Closing At Closing Before Closing
A. Origination Charges $1,802.00
01 0.25 % of Loan Amount (Points) $405.00
02 Application Fee $300.00
03 Underwriting Fee $1,097.00
04
05
06
07
08
B. Services Borrower Did Not Shop For $236.55
01 Appraisal Fee to John Smith Appraisers Inc. $405.00
02 Credit Report Fee to Information Inc. $29.80
03 Flood Determination Fee to Info Co. $20.00
04 Flood Monitoring Fee to Info Co. $31.75
05 Tax Monitoring Fee to Info Co. $75.00
06 Tax Status Research Fee to Info Co. $80.00
07
08
09
10
C. Services Borrower Did Shop For $2,655.50
01 Pest Inspection Fee to Pests Co. $120.50
02 Survey Fee to Surveys Co. $85.00
03 Title Insurance Binder to Epsilon Title Co. $650.00
04 Title Lenders Title Insurance to Epsilon Title Co. $500.00
05 Title Settlement Agent Fee to Epsilon Title Co. $500.00
06 Title Title Search to Epsilon Title Co. $800.00
07
08
D. TOTAL LOAN COSTS (Borrower-Paid) $4,694.05
Loan Costs Subtotals (A + B + C) $4,664.25 $29.80

Other Costs
E. Taxes and Other Government Fees $85.00
01 Recording Fees Deed: $40.00 Mortgage: $45.00 $85.00
02 Transfer Tax to Any State $950.00
F. Prepaids $2,120.80
01 Homeowners Insurance Premium ( 12 mo.) to Insurance Co. $1,209.96
02 Mortgage Insurance Premium ( mo.)
03 Prepaid Interest ( $17.44 per day from 4/15/13 to 5/1/13 ) $279.04
04 Property Taxes ( 6 mo.) to Any County USA $631.80
05
G. Initial Escrow Payment at Closing $412.25
01 Homeowners Insurance $100.83 per month for 2 mo. $201.66
02 Mortgage Insurance per month for mo.
03 Property Taxes $105.30 per month for 2 mo. $210.60
04
05
06
07
08 Aggregate Adjustment 0.01
H. Other $2,400.00
01 HOA Capital Contribution to HOA Acre Inc. $500.00
02 HOA Processing Fee to HOA Acre Inc. $150.00
03 Home Inspection Fee to Engineers Inc. $750.00 $750.00
04 Home Warranty Fee to XYZ Warranty Inc. $450.00
05 Real Estate Commission to Alpha Real Estate Broker $5,700.00
06 Real Estate Commission to Omega Real Estate Broker $5,700.00
07 Title Owners Title Insurance (optional) to Epsilon Title Co. $1,000.00
08
I. TOTAL OTHER COSTS (Borrower-Paid) $5,018.05
Other Costs Subtotals (E + F + G + H) $5,018.05

J. TOTAL CLOSING COSTS (Borrower-Paid) $9,712.10


Closing Costs Subtotals (D + I) $9,682.30 $29.80 $12,800.00 $750.00 $405.00
Lender Credits

CLOSING DISCLOSURE PAGE 2 OF 5 LOAN ID # 123456789


Calculating Cash to Close Use this table to see what has changed from your Loan Estimate.
Loan Estimate Final Did this change?
Total Closing Costs (J) $8,054.00 $9,712.10 YES See Total Loan Costs (D) and Total Other Costs (I)
Closing Costs Paid Before Closing $0 $29.80 YES You paid these Closing Costs before closing
Closing Costs Financed
(Paid from your Loan Amount) $0 $0 NO
Down Payment/Funds from Borrower $18,000.00 $18,000.00 NO
Deposit $10,000.00 $10,000.00 NO
Funds for Borrower $0 $0 NO
Seller Credits $0 $2,500.00 YES See Seller Credits in Section L
Adjustments and Other Credits $0 $1,035.04 YES See details in Sections K and L
Cash to Close $16,054.00 $14,147.26

Summaries of Transactions Use this table to see a summary of your transaction.


BORROWERS TRANSACTION SELLERS TRANSACTION
K. Due from Borrower at Closing $189,762.30 M. Due to Seller at Closing $180,080.00
01 Sale Price of Property $180,000.00 01 Sale Price of Property $180,000.00
02 Sale Price of Any Personal Property Included in Sale 02 Sale Price of Any Personal Property Included in Sale
03 Closing Costs Paid at Closing (J) $9,682.30 03
04 04
Adjustments 05
05 06
06 07
07 08
Adjustments for Items Paid by Seller in Advance Adjustments for Items Paid by Seller in Advance
08 City/Town Taxes to 09 City/Town Taxes to
09 County Taxes to 10 County Taxes to
10 Assessments to 11 Assessments to
11 HOA Dues 4/15/13 to 4/30/13 $80.00 12 HOA Dues 4/15/13 to 4/30/13 $80.00
12 13
13 14
14 15
15 16
L. Paid Already by or on Behalf of Borrower at Closing $175,615.04 N. Due from Seller at Closing $115,665.04
01 Deposit $10,000.00 01 Excess Deposit
02 Loan Amount $162,000.00 02 Closing Costs Paid at Closing (J) $12,800.00
03 Existing Loan(s) Assumed or Taken Subject to 03 Existing Loan(s) Assumed or Taken Subject to
04 04 Payoff of First Mortgage Loan $100,000.00
05 Seller Credit $2,500.00 05 Payoff of Second Mortgage Loan
Other Credits 06
06 Rebate from Epsilon Title Co. $750.00 07
07 08 Seller Credit $2,500.00
Adjustments 09
08 10
09 11
10 12
11 13
Adjustments for Items Unpaid by Seller Adjustments for Items Unpaid by Seller
12 City/Town Taxes 1/1/13 to 4/14/13 $365.04 14 City/Town Taxes 1/1/13 to 4/14/13 $365.04
13 County Taxes to 15 County Taxes to
14 Assessments to 16 Assessments to
15 17
16 18
17 19
CALCULATION CALCULATION
Total Due from Borrower at Closing (K) $189,762.30 Total Due to Seller at Closing (M) $180,080.00
Total Paid Already by or on Behalf of Borrower at Closing (L) $175,615.04 Total Due from Seller at Closing (N) $115,665.04
Cash to Close x From To Borrower $14,147.26 Cash From x To Seller $64,414.96

CLOSING DISCLOSURE PAGE 3 OF 5 LOAN ID # 123456789


Additional Information About This Loan

Loan Disclosures
Assumption Escrow Account
If you sell or transfer this property to another person, your lender For now, your loan
will allow, under certain conditions, this person to assume this x w ill have an escrow account (also called an impound or trust
loan on the original terms. account) to pay the property costs listed below. Without an escrow
x will not allow assumption of this loan on the original terms. account, you would pay them directly, possibly in one or two large
payments a year. Your lender may be liable for penalties and interest
Demand Feature for failing to make a payment.
Your loan
has a demand feature, which permits your lender to require early Escrow
repayment of the loan. You should review your note for details. Escrowed $2,473.56 Estimated total amount over year 1 for
x does not have a demand feature. Property Costs your escrowed property costs:
over Year 1 Homeowners Insurance
Property Taxes
Late Payment
If your payment is more than 15 days late, your lender will charge a
Non-Escrowed $1,800.00 Estimated total amount over year 1 for
late fee of 5% of the monthly principal and interest payment. Property Costs your non-escrowed property costs:
over Year 1 Homeowners Association Dues
Negative Amortization (Increase in Loan Amount)
Under your loan terms, you You may have other property costs.
are scheduled to make monthly payments that do not pay all of Initial Escrow $412.25 A cushion for the escrow account you
the interest due that month. As a result, your loan amount will Payment pay at closing. See Section G on page 2.
increase (negatively amortize), and your loan amount will likely
become larger than your original loan amount. Increases in your
loan amount lower the equity you have in this property. Monthly Escrow $206.13 The amount included in your total
Payment monthly payment.
may have monthly payments that do not pay all of the interest
due that month. If you do, your loan amount will increase
(negatively amortize), and, as a result, your loan amount may
 ill not have an escrow account because you declined it
w your
become larger than your original loan amount. Increases in your
lender does not offer one. You must directly pay your property
loan amount lower the equity you have in this property.
costs, such as taxes and homeowners insurance. Contact your
x do not have a negative amortization feature. lender to ask if your loan can have an escrow account.
Partial Payments No Escrow
Your lender Estimated Estimated total amount over year 1. You
x may accept payments that are less than the full amount due Property Costs must pay these costs directly, possibly
(partial payments) and apply them to your loan. over Year 1 in one or two large payments a year.
may hold them in a separate account until you pay the rest of the Escrow Waiver Fee
payment, and then apply the full payment to your loan.
does not accept any partial payments. In the future,
Your property costs may change and, as a result, your escrow pay-
If this loan is sold, your new lender may have a different policy.
ment may change. You may be able to cancel your escrow account,
but if you do, you must pay your property costs directly. If you fail
Security Interest
to pay your property taxes, your state or local government may (1)
You are granting a security interest in
impose fines and penalties or (2) place a tax lien on this property. If
456 Somewhere Ave., Anytown, ST 12345 you fail to pay any of your property costs, your lender may (1) add
the amounts to your loan balance, (2) add an escrow account to your
loan, or (3) require you to pay for property insurance that the lender
You may lose this property if you do not make your payments or buys on your behalf, which likely would cost more and provide fewer
satisfy other obligations for this loan. benefits than what you could buy on your own.

CLOSING DISCLOSURE PAGE 4 OF 5 LOAN ID # 1234567890


Loan Calculations Other Disclosures

Total of Payments. Total you will have paid after Appraisal


you make all payments of principal, interest, If the property was appraised for your loan, your lender is required to
mortgage insurance, and loan costs, as scheduled. $285,803.36 give you a copy at no additional cost at least 3 days before closing.
If you have not yet received it, please contact your lender at the
Finance Charge. The dollar amount the loan will information listed below.
cost you. $118,830.27
Contract Details
See your note and security instrument for information about
Amount Financed. The loan amount available after
what happens if you fail to make your payments,
paying your upfront finance charge. $162,000.00
what is a default on the loan,
situations in which your lender can require early repayment of the
Annual Percentage Rate (APR). Your costs over loan, and
the loan term expressed as a rate. This is not your the rules for making payments before they are due.
interest rate. 4.174%
Liability after Foreclosure
Total Interest Percentage (TIP). The total amount If your lender forecloses on this property and the foreclosure does not
of interest that you will pay over the loan term as a cover the amount of unpaid balance on this loan,
percentage of your loan amount. 69.46% x state law may protect you from liability for the unpaid balance. If you
refinance or take on any additional debt on this property, you may
lose this protection and have to pay any debt remaining even after
foreclosure. You may want to consult a lawyer for more information.
state law does not protect you from liability for the unpaid balance.

?
Questions? If you have questions about the Refinance
loan terms or costs on this form, use the contact Refinancing this loan will depend on your future financial situation,
information below. To get more information the property value, and market conditions. You may not be able to
or make a complaint, contact the Consumer refinance this loan.
Financial Protection Bureau at
www.consumerfinance.gov/mortgage-closing Tax Deductions
If you borrow more than this property is worth, the interest on the
loan amount above this propertys fair market value is not deductible
from your federal income taxes. You should consult a tax advisor for
more information.

Contact Information
Lender Mortgage Broker Real Estate Broker Real Estate Broker Settlement Agent
(B) (S)
Name Ficus Bank FRIENDLY MORTGAGE Omega Real Estate Alpha Real Estate Epsilon Title Co.
BROKER INC. Broker Inc. Broker Co.
Address 4321 Random Blvd. 1234 Terrapin Dr. 789 Local Lane 987 Suburb Ct. 123 Commerce Pl.
Somecity, ST 12340 Somecity, MD 54321 Sometown, ST 12345 Someplace, ST 12340 Somecity, ST 12344
45
NMLS ID 222222
ST License ID Z765416 Z61456 Z61616
Contact Joe Smith JIM TAYLOR Samuel Green Joseph Cain Sarah Arnold
Contact NMLS ID 12345 394784
Contact P16415 P51461 PT1234
ST License ID
Email joesmith@ JTAYLOR@ sam@omegare.biz joe@alphare.biz sarah@
ficusbank.com FRNDLYMTGBRKR.CM epsilontitle.com
Phone 123-456-7890 333-444-5555 123-555-1717 321-555-7171 987-555-4321

Confirm Receipt
By signing, you are only confirming that you have received this form. You do not have to accept this loan because you have signed or received
this form.

Applicant Signature Date Co-Applicant Signature Date

CLOSING DISCLOSURE PAGE 5 OF 5 LOAN ID # 123456789


FICUS BANK
4321 Random Boulevard Somecity, ST 12340 Save this Loan Estimate to compare with your Closing Disclosure.

Loan Estimate LOAN TERM 30 years


PURPOSE Purchase ce
DATE ISSUED 2/15/2013 PRODUCT Fixed Rate
APPLICANTS Michael Jones and Mary Stone LOAN TYPE x Conventional FHA VA _____________
123 Anywhere Street LOAN ID # 1234567891330172608
Anytown, ST 12345 RATE LOCK NO x YES, until 4/16/2013 at 5:00 p.m. EDT
PROPERTY 456 Somewhere Avenue Before closing, your interest rate, points, and lender credits can
Anytown, ST 12345 change unless you lock the interest rate. All other estimated
SALE PRICE $180,000 closing costs expire on 3/4/2013 at 5:00 p.m. EDT

Loan Terms Can this amount increase after closing?

Loan Amount $162,000 NO

Interest Rate 3.875% NO

Monthly Principal & Interest $761.78 NO


See Projected Payments below for your
Estimated Total Monthly Payment

Does the loan have these features?


Prepayment Penalty YES As high as $3,240 if you pay off the loan during the
first 2 years
Balloon Payment NO

Projected Payments
Payment Calculation Years 1-7 Years 8-30

Principal & Interest $761.78 $761.78

Mortgage Insurance + 82 +
Estimated Escrow + 206 + 206
Amount can increase over time

Estimated Total
Monthly Payment $1,050 $968
This estimate includes In escrow?
x Property Taxes YES
Estimated Taxes, Insurance $206
& Assessments x Homeowners Insurance YES
Amount can increase over time a month Other:
See Section G on page 2 for escrowed property costs. You must pay for other
property costs separately.

Costs at Closing
Estimated Closing Costs $8,054 I ncludes $5,672 in Loan Costs + $2,382 in Other Costs $0
in Lender Credits. See page 2 for details.

Estimated Cash to Close $16,054 


I ncludes Closing Costs. See Calculating Cash to Close on page 2 for details.

Visit www.consumerfinance.gov/mortgage-estimate for general information and tools.


LOAN ESTIMATE PAGE 1 OF 3 LOAN ID # 123456789
Closing Cost Details
Loan Costs Other Costs
A. Origination Charges $1,802 E. Taxes and Other Government Fees $85
.25 % of Loan Amount (Points) $405 Recording Fees and Other Taxes $85
Application Fee $300 Transfer Taxes
Underwriting Fee $1,097
F. Prepaids $867
Homeowners Insurance Premium ( 6 months) $605
Mortgage Insurance Premium ( months)
Prepaid Interest ( $17.44 per day for 15 days @ 3.875%) $262
Property Taxes ( months)

G. Initial Escrow Payment at Closing $413


Homeowners Insurance $100.83 per month for 23mo. $202
Mortgage Insurance per month for 0 mo.
B. Services You Cannot Shop For $672 Property Taxes $105.30 per month for 2 mo. $211
Appraisal Fee $405
Credit Report Fee $30
Flood Determination Fee $20
Flood Monitoring Fee $32
Tax Monitoring Fee $75
Tax Status Research Fee $110 H. Other $1,017
Title Owners Title Policy (optional) $1,017

I. TOTAL OTHER COSTS (E + F + G + H) $2,382

C. Services You Can Shop For $3,198


J. TOTAL CLOSING COSTS $8,054
Pest Inspection Fee $135
Survey Fee $65 D + I $8,054
Title Insurance Binder $700 Lender Credits
Title Lenders Title Policy $535
Title Settlement Agent Fee $502 Calculating Cash to Close
Title Title Search $1,261
Total Closing Costs (J) $8,054
Closing Costs Financed (Paid from your Loan Amount) $0
Down Payment/Funds from Borrower $18,000
Deposit $10,000
Funds for Borrower $0
Seller Credits $0
Adjustments and Other Credits $0
D. TOTAL LOAN COSTS (A + B + C) $5,672 Estimated Cash to Close $16,054

LOAN ESTIMATE PAGE 2 OF 3 LOAN ID # 123456789


Additional Information About This Loan

LENDER Ficus Bank MORTGAGE BROKER


NMLS/__ LICENSE ID NMLS/__ LICENSE ID
LOAN OFFICER Joe Smith LOAN OFFICER
NMLS/__ LICENSE ID 12345 NMLS/__ LICENSE ID
EMAIL joesmith@ficusbank.com EMAIL
PHONE
PHONE 123-456-7890

Comparisons Use these measures to compare this loan with other loans.

In 5 Years
$56,582 Total you will have paid in principal, interest, mortgage insurance, and loan costs.
$15,773 Principal you will have paid off.
Annual Percentage Rate (APR) 4.274% 
Your costs over the loan term expressed as a rate. This is not your interest rate.

Total Interest Percentage (TIP) 69.45% The total amount of interest that you will pay over the loan term as a
percentage of your loan amount.

Other Considerations
Appraisal  e may order an appraisal to determine the propertys value and charge you for this
W
appraisal. We will promptly give you a copy of any appraisal, even if your loan does not close.
You can pay for an additional appraisal for your own use at your own cost.

Assumption If you sell or transfer this property to another person, we


will allow, under certain conditions, this person to assume this loan on the original terms.
x will not allow assumption of this loan on the original terms.

Homeowners This loan requires homeowners insurance on the property, which you may obtain from a
Insurance company of your choice that we find acceptable.

Late Payment If your payment is more than 15 days late, we will charge a late fee of 5% of the monthly
principal and interest payment.

Refinance Refinancing this loan will depend on your future financial situation, the property value, and
market conditions. You may not be able to refinance this loan.

Servicing We intend
to service your loan. If so, you will make your payments to us.
x to transfer servicing of your loan.

Confirm Receipt
By signing, you are only confirming that you have received this form. You do not have to accept this loan because you have signed or
received this form.

Applicant Signature Date Co-Applicant Signature Date

LOAN ESTIMATE PAGE 3 OF 3 LOAN ID #123456789


MATTHEW SCHILLER
BIOGRAPHY

Matthew Schiller is a partner in the Real Estate Department at Greenbaum, Rowe, Smith &
Davis LLP, where he concentrates his practice in commercial real estate law. His work
encompasses a wide range of commercial real estate transactional and litigation matters
throughout New Jersey, New York and Connecticut.

Prior to joining the Greenbaum firm, Mr. Schiller practiced commercial real estate law as an
associate at a leading international law firm. His transactional experience includes the
acquisition, disposition, leasing and management of office, retail and industrial properties. He
represents special servicers in connection with loan workouts and modifications, foreclosures,
REO sales and loan sales. In addition, his practice includes seeking municipal and state land use
approvals for commercial and residential developments.

Mr. Schiller has considerable real estate litigation experience representing lenders, developers,
and property owners in connection with foreclosure actions, landlord-tenant disputes, prerogative
writ actions, and breach of contract matters. He also represents commercial and residential
property owners and tenants in tax appeals before the New Jersey Tax Court and county boards
of taxation.

Mr. Schiller serves on the Board of Consultors of the New Jersey State Bar Associations Real
Property, Trust & Estate Law Section. He is a member of the Middlesex County Bar Association,
NAIOP NJ and the Appraisal Institute Metro New Jersey Chapter. Admitted to practice in New
Jersey, New York and Connecticut, he received his J.D. from Washington University in St. Louis
School of Law and his B.A. with honors from Trinity College.
New Jersey Real Estate, Business, Banking Attorney Heather G. Suarez.

HOME ABOUT THEFIRM OUR TEAM PRACTICE AREAS BLOG CONTACT US

HEATHER G. SUAREZ
Of Counsel
Attorney Heather Suarez has been with Walder Hayden
since 1980, when she joined the firm as a summer
associate. Prior to law school, she worked in retail, where
she took to heart the value of providing the best possible
service.

Heather concentrates her practice in the areas of real


estate, business, and banking and litigation connected
with those and other practice areas. Heather enjoys her
practice areas because they appeal to her detail-oriented
nature, and because she loves working on a deal from its
inception through its successful closing. Heather has been
Phone: (973) 992-5300
responsible for numerous real estate, corporate, and
(973) 992-1006
commercial law matters, including complex financing,
Fax:

hgsuarez@walderhayden.com
and handles all aspects of real estate development
Email:

matters, including condemnation, zoning, planning, vCard

traffic and environmental issues.

In the areas of commercial and corporate law, Heather has been involved with stock and asset acquisitions, the
disposition of corporations, formation of limited liability companies and partnerships, and negotiating building contracts
and commercial leases. She also has experience with state and federal litigation at both the trial and appellate levels,
having litigated substantive matters involving contract law, insurance, bankruptcy, the Uniform Commercial Code,
consumer fraud, real estate, declaratory judgment, equity, constitutional law, negligence, matrimonial and employment
discrimination.

Heather has been a frequent speaker to professional groups, including serving as a panelist on the topics of "Complex
Issues in Commercial Real Estate" and "Recent Trends in Commercial and Residential Leasing" at the 2013 and 2012
New Jersey State Bar Association Annual Conventions. She has served as a guest lecturer for two real estate courses on
condemnation and environmental issues at Lehigh University in Bethlehem, Pennsylvania. Heather has also presented on
legal topics to a variety of local community organizations in New Jersey.

In addition to her law practice, Heather is active in state and local bar organizations. She is also deeply involved in a
number of community and service groups, particularly those that make a difference in the lives of women and their
families. Among many other groups with which she works, Heather has served on the board of the Women's Fund of New

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New Jersey Real Estate, Business, Banking Attorney Heather G. Suarez.

Jersey and currently serves on the board of Women Rising, Inc., a Hudson County-based nonprofit. She was a member of
NJ 300, an organization comprised of New Jersey's most powerful and influential women. This organization, sponsored
by the New Jersey Chamber of Commerce, merged with Executive Women of New Jersey, and Heather serves on its
Board, is a member of its Program Committee, and chairs its Governance Committee. She enjoys lending her analytical
skills to the many organizations with which she works, as well as helping foster connections between these groups and
other New Jersey businesspeople who may be able to help them.

Heather has received recognition for her professional accomplishments and numerous contributions to community
organizations. In 2013, Heather was honored by the Tri-County Scholarship Fund as a Woman of Achievement. She was
also featured in the December issue ofReal Estate New Jerseyfor 2007, 2008 and 2009 when it recognized Women of
Influence in New Jersey's real estate industry. Some of Heather's other recognitions in print includePrimewomane-
magazine's June 2009 profile: "Following the Passions of Four Women Leaders" andCommerce, the Business of New
Jersey Magazine's October 2008 profile of five women of influence entitled: "The Road to Success for Women Business
Leaders is About Traveling Together, Never Riding Alone."

Heather and her husband, Michael, also an attorney, live in Springfield, New Jersey. Their adult sons both work in the
New York metropolitan area.

Practice Areas
Real Estate Law
Business Law
Banking Law
Litigation

Education
Rutgers University, J.D., 1981
Rutgers University, B.A., 1978; Henry Rutgers Scholar; Phi Beta Kappa; Omicron Delta Epsilon

Admissions to Practice
New Jersey, 1981
U.S. District Court, District of New Jersey, 1981
U.S. District Court, Southern District of New York, 1983
U.S. District Court, Eastern District of New York, 1983
United States Court of Appeals, Third Circuit, 1984
United States Supreme Court, 1985

Memberships and Associations


New Jersey State Bar Association

Board of Trustees, 2013


Board of Consultors for Real Property, Trust and Estate Law Section

Essex County Bar Association

Real Estate Section

New Jersey Women Lawyers Association (former General Counsel, former vice-chair, Judicial Outreach

http://www.walderhayden.com/attorneys/heather-g-suarez/[4/25/2015 3:06:39 PM]


New Jersey Real Estate, Business, Banking Attorney Heather G. Suarez.

Committee)
Executive Women of New Jersey, Board Member
New Jersey Supreme Court Committee on Women in the Courts (past chair, Law School Education Subcommittee)
Commercial Real Estate Women - New Jersey (formerly Industrial Commercial Real Estate Women, NJ Inc.; past
president and former board member)
Women's Fund of New Jersey, Board Member
Women Rising, Inc., Board Member, Finance Committee Member, Fund Development Committee Member

Honors and Publications


Martindale-Hubbell AV Preeminent Peer Rating*
Tri-County Scholarship Fund, Women of Achievement award, 2013
NJBIZ Nonprofit Innovation Award, Board Member Excellence (Women's Fund of New Jersey 2010)
Real Estate New Jersey Magazine, recognized as a Woman of Influence in Real Estate, 2007, 2008 and 2009
Profiled by Primewoman e-magazine article, "Following the Passions of Four Women Leaders," 2009
Union County Commission on the Status of Women, recognized as Woman of Excellence, 2009
Profiled by Commerce, The Business of New Jersey Magazine, in its article "The Road to Success for Women
Business Leaders is About Traveling Together, Never Riding Alone," 2008
Recognized by Executive Women of New Jersey at its Salute to the Policy Makers Dinner, 2008
Recognized by Real Estate New Jersey Magazine in its profile of 43 of New Jersey's Most Prominent Real Estate
Attorneys, 2008
Inducted, Bayonne High School Hall of Fame, Bayonne, New Jersey, 2008
Star Performer Award, Industrial and Commercial Real Estate Women (ICREW) of New Jersey, 2007
Recipient of the Women of Inspiration--Corporate Award, National Association of Women Business Owners,
North Central Jersey Chapter and the Institute for Sustainable Enterprises, Silberman School of Business, Fairleigh
Dickinson University, 2007
NJBIZ, New Jersey's 50 Best Women in Business, 2007
Recognized as an Outstanding Woman in Real Estate by Women's Fund of New Jersey, 2003

*For selection methodology, see Martindale.com. No aspect of this advertisement has been approved by the Supreme
Court of NJ.

PRACTICE AREAS

Criminal Defense

Health Care Fraud

Financial Crimes
Cyber Crimes

Internal Investigations
Civil Litigation
Business, Commercial & Corporate Litigation
Insurance Coverage Litigation

Professional Misconduct & Attorney Ethics


Real Estate

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New Jersey Real Estate, Business, Banking Attorney Heather G. Suarez.

Corporate Law & Taxation


Estate Planning & Administration
Local Counsel

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New Jersey Real Estate, Business, Banking Attorney Heather G. Suarez.

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