Ask A New Jersey Closing Expert

Your deed is considered complete once it has been signed, sealed and delivered. Recording the deed is not required by law in order for the transfer from the seller to the buyer to take place. However, in order for you to be covered to protect yourself from future claims on the title, you should record the deed. This should be done simultaneously with the closing or as soon after the close of escrow as possible. In New Jersey, you should visit your local county clerk office to record the deed. You need to pay a recording fee and have the seller remit the Realty Transfer tax to you or your attorney.

Recording the deed protects you and stops anyone from jumping forward and recording a document, such as a judgment, in it’s place. To record a deed yourself you need only to take the deed to the appropriate recording office in your area. The recorder will then index and transcribe the deed in the public records and it will be available for anyone to see. “Constructive notice” is said to be given once the deed is recorded.

The deed becomes part of the property’s chain of title. If anyone were to look up your property, your name would show up as the official owner. You want to be sure that your name and address is correct on the deed, as your real estate tax bills will be sent to the name and address listed at the recorder’s office.

 Your friend,

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United States is deep in its worst housing slump since the Great Depression. In a new survey, Moody’s Economy.com says many metro areas will record losses of 20 percent or more during the downturn, with the national median price for single-family homes dropping 13 percent through early 2009. Factoring in discount offers from sellers, the actual price decline would be well over 15 percent. According to Mark Zandi, chief economist for Moody’s Economy.com. “There has been a sea change in seller psychology since the subprime shock this summer,” he said. “Sellers now realize they have to drop their prices to make a sale and prices are coming down very rapidly in some markets.”

 Our backyard is being affected as the worst hit market outside the Sun Belt is expected to be  Ocean City, N.J. where prices will fall 24.9 percent.  However, in the glimpse of all of this bad news it is believed that  home prices will bottom out by early 2008. Many of these homes are sitting completely empty: The Census Bureau reported a total of 2.1 million vacant homes for sale. Vacant homes add pressure on prices because owners of these houses are usually more willing to slash prices to move the properties.

For the slump to end, much of the excess inventory will have to be worked through. I do not envision this happening much before 2010, which he forecasts to be a very modest recovery year with low, single-digit growth.

 Your friend,

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