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May 11, 2012
Beginning May 1, 2012, Form GIT/REP- 4 Waiver of Seller's Filing Requirement of GIT/REP Forms And Payment, is not required to be filed with the Division of Taxation in situations where a property is being sold pursuant to a short sale. Instead, in short sale situations, Form GIT/REP-3, Seller's Residency Certification/Exemption, must be completed with box 9 checked at the time of closing and given to the buyer's attorney or settlement agent.
Additionally, Form GIT/REP- 4, Waiver of Seller's Filing Requirement of GIT/REP Forms and Payment, is not required in situations if a deed dated prior to August 1, 2004 (an "ancient deed") was not recorded. If a deed dated prior to August 1, 2004 was not recorded, Form GIT/REP-3, must be completed with box 10 checked when the attorney records the deed. This administrative change of procedure will allow for efficient management of closings involving short sales or recording of ancient deeds.
The new GIT/REP-3 can be found in the "forms" section of this website.
Submitted by: John J. McDonough
Sep 16, 2011
Amendments to the Bulk Sale Law were signed into law by Governor Christie on Wednesday, September 14. Enacted as chapter 124 of the Public Laws of 2011, the amendments exempt certain transfers from the bulk sale notification requirements. While not a title insurance issue, it is important that closing attorneys be aware of this change.
Under the law as amended, the bulk sale notification requirements of N.J.S.A. 54:50-38 will not apply to "... the sale, transfer or assignment of a simple dwelling house if the seller, transferrer (sic) or assignor is an "individual", "estate" or "trust" ..." For purposes of this law, a "simple dwelling house" is defined as a one-family or two-family dwelling unit including cooperatives and condominium units.
The amended law also exempts the sale, transfer or assignment of a "seasonal rental unit", again if the seller is an individual, estate or trust. A "seasonal rental unit" for purposes of this law is a timeshare estate (N.J.S.A. 45:15-16.51) or a dwelling unit rented for a term of not more than 125 consecutive days for residential purposes by a person having a permanent residence elsewhere
This exemption extends only to sellers who are individuals, estates or trusts (as those terms are used for purposes of the "New Jersey Gross Income Tax Act" - N.J.S.A. 54A:1-1 et seq.) and does not extend to sellers who are "business entities" which include but are not limited to corporations or partnerships.
The law takes effect immediately and applies retroactively to sales, transfers and assignments on or after August 1, 2007.
Submitted by: John J. McDonough
Sep 10, 2010
Trident is pleased to announce that Robert G. Layton has joined the Company as a Sales Representative. Bob is an industry veteran having spent the past 24 years with Progressive Lawyers Services. Bob is a graduate of the University of Arizona, lives in Long Branch, NJ and is a current member of the Planning Board of the City of Long Branch.
Submitted by: John J. McDonough
Jun 21, 2010
Trident is pleased to announce that William K. Dickenson, III and Christopher Conway have become partners in the agency. Bill and Chris were formerly the principals of Progressive Lawyers Services in Freehold. In addition, we are pleased to have Bob Howard join our staff of experienced title examiners.
As Trident grows to better serve you, look for our new location in Wall Township, coming in the Fall of 2010.
Submitted by: John J. McDonough
Jun 21, 2010
The New Jersey Division of Taxation has revised the GITREP-1, 2, 3 & 4a. The revision eliminates the necessity of attaching a previously or simultaneously recorded power of attorney to the deed. The revised forms can be found on our Forms Library page.
Submitted by: John J. McDonough
Mar 25, 2009
We are proud to announce that Cindy Ward has joined our staff as an account representative. Cindy has been a prominent member of New Jersey's title insurance industry for over thirty years, including as an Executive Vice President of Lawyer's Title and a branch manager for Lawyer's Trenton office. She is also the Co-Director of Central State Title School and was recently inducted into the Lawyer's Title Insurance Corporation's Chairman's Club. You can reach Cindy in our Freehold office or at cward@tridentabstract.com.
Submitted by: John J. McDonough
Feb 27, 2009
New Standard Rate Effective 3/1/2009.
The New Jersey Department of Banking and Insurance Commissioner Steven M. Goldman has approved a restructuring of the title insurance rates for the New Jersey Land Title Insurance Rating Bureau (NJRB). This restructuring streamlines our underwriting rate schedules by combining the Reissue and Basic rates into a new rate known as the "Standard Rate". Additionally, the Basic and Reissue Examination Charges have been combined into a single "Examination Charge".
The new Standard Rate will apply to all owners, leasehold or mortgage insurance policies which do not qualify for the reduced Refinance, Construction or Modification rates. There has been no change to the Refinance, Construction or Modification rates.
The Standard Underwriting Rate Schedule.
Policy Liability: Rate per $1,000 or Fraction Thereof:
0 - $100,000 $5.00
$100,000 - $500,000 $3.95
$500,000 - $2 million $2.65
Over $2 million $2.00
The new Examination Charge is $100.00. For matters requiring search of an additional chain of title, the Examination Charge will be $100.00 for each additional chain.
Please take special note that as a result of this rate restructuring presentation by the applicant of an owner's policy of title insurance is no longer required for any of the available underwriting rates in the NJRB Manual of Rates & Charges. Providing a copy of the owner's policy, however will continue to be useful in eliminating matters affecting prior title holders.
These amendments apply to all orders or applications for title insurance received on or after March 1, 2009.
Submitted by: John J. McDonough
Nov 14, 2008
Trident Abstract Title Agency announces that William J. Flaherty, Esq. has joined our team.
"Bill" is an title industry veteran. He attended Saint Peter's Prep & Saint Peter's College in Jersey City, N.J. and Seton Hall University Law School in Newark, N.J. Bill was admiited to the New Jersey Bar in 1977. Please join us in welcoming Bill to Trident Abstract Title Agency. You can reach Bill in our Freehold Office or at wflaherty@tridentabstract.com
Submitted by: John J. McDonough
Nov 14, 2008
Governor Corzine has recently signed P.L. 2008, c. 71 (S88) which represents an effort to achieve better compliance with antidiscrimination provisions of the federal "Fair Housing Amendments Act of 1988".
The new law requires the purchaser in an age restricted community to certify that the dwelling will be occupied by a person whose age ensures compliance with federal law (42 USC 3601 et seq.; 24 CFR 100.301). The certification must be on a one page form prescribed by the New Jersey Department of Community Affairs (DCA).
The new law states that no deed shall be recorded for a property to which an age restriction applies unless the DCA certification is signed by the purchaser and recorded with the deed as an addendum. The certification is not required if the deed is from the original developer of the property. This recording requirement will be codified as N.J.S.A. 46:15-6.2.
The DCA Bulletin and Certification can be found in our "Forms Library" under "Bulletins".
Submitted by: John J. McDonough
Aug 29, 2008
The New Jersey Division of Taxation has published new Affidavits of Consideration for Use by Buyers and Sellers. The new forms have a revision date of (7/08). References to Civil Union Partners were changed to Civil Union Couple. The changes are not considered substantive and will not change the manner in which the forms are completed. These forms can be accessed from our "Forms Library" or on-line at the NJ Division of Taxation's website.
Link: http://www.state.nj.us/treasury/taxation/
Submitted by: John J. McDonough
Feb 14, 2008
The State of New Jersey, Department of Treasury, Division of Taxation has modified the GIT/REP-3 Form. The change applies to the treatment of 1031 Tax Deferred Exchanges. A new box is included with Exemption Box No. 7, for non like-kind property. There are also new instructions That apply to Exemption Box No. 7. The version date at the top of the form is now December 2007 (12-07). Every effort should be made to use the most recent versions of these forms.
Submitted by: John J. McDonough
Mar 6, 2007
The Division of Taxation updated the GIT/REP forms to include references to civil union couples. The revised forms bear the date "2/07" in the upper right corner of each form. The Affidavits of Consideration have also been revised. The Affidavit of Consideration now requires reference to the last 3 digits of the deponent's social security number. These forms can be accessed from our "Forms Library" or on-line at the NJ Division of Taxation's website.
www.state.nj.us/treasury/taxation
Submitted by: John J. McDonough
Jan 23, 2007
The Internal Revenue Service has recently amended the Seller's Certification form which is used in those transactions where the seller contends that the sale or exchange of the principal residence is excepted from the 1099-S information reporting requirements. The new form, which is to be used on sales occurring after January 22, 2007, has six seller's assurances (the previous form had only four).
To qualify for exception from the 1099-S reporting requirement the seller must be able to answer all of the first five assurances as "True" and the sixth assurance as either "True " or "N/A" .
The law remains that the real estate reporting person (i.e. settlement agent) must retain the Seller's Certification for at least four years from the date of sale.
A copy of the new Seller's Certification and the IRS revenue procedure notice can be found in our "Forms Library".
Link: http://www.tridentabstract.com/forms.php
Submitted by: John J. McDonough
Jul 26, 2006
The New Jersey Division of Taxation has published new Affidavits of Consideration for Use by Buyers and Sellers, along with forms for claiming refunds or filing a protest of a fee assessment. The forms can be found at the Division's website by following the link below and can also be downloaded from our "Forms Library".
Link: http://www.state.nj.us/treasury/taxation/taxprnt.htm
Submitted by: John J. McDonough
Jul 26, 2006
Mansion Tax Extended to Commercial Property.
On July 8, Governor Corzine signed the new State budget into effect. Among various provisions is the extension of the "Mansion Tax" to most commercial transactions. The tax will apply to all affected properties transferred on or after August 1, 2006. Two new affidavits of consideration will be required. The legislation also incudes provisions for refunds to property buyers under fully executed contracts as of July 1, 2006. Detailed information can be found At the New Jersey Division of Taxation website (see link below) or Bulletins that can be found on our "Forms Library" page.
Link: http://www.state.nj.us/treasury/taxation/pdf/granteefeenotice.pdf
Submitted by: John J. McDonough
Mar 23, 2006
Standardized Procedures for Balance Due Requests and Release of the Notice of Federal Tax Lien.
In 2005, the IRS consolidated multiple lien operations, on a state-by-state basis throughout the United States into a single centralized lien processing operation at the Cincinnati IRS Campus.
The Cincinnati IRS Campus centralized lien unit assists taxpayer representatives, lenders, and escrow or title companies requesting a balance due or payoff statement for a Notice of Federal Tax Lien.
Employees in this department send out the Notice of Federal Tax Lien to local recording offices for filing. They also process requests for all federal tax liens and releases. Employees handle telephone inquiries and correspondence from taxpayers, their representatives and county recording offices. They also assist IRS field personnel with lien-related activity.
The Cincinnati IRS Campus centralized lien unit assists taxpayer representatives, lenders, and escrow or title companies requesting a balance due or payoff statement for a Notice of Federal Tax Lien.
The IRS developed an electronic document about federal tax lien processing, including procedures for a federal tax lien release and request for balance due or payoff. Further information for completing Form 8821, Tax Information Authorization is part of the information available in this document available online at IRS Stakeholder Partners' Headliners.
Link: http://www.tridentabstract.com/get_file.php?id=34
Submitted by: John J. McDonough
Jan 11, 2006
Trident Abstract is proud to announce the opening of its newest division, Baker-Trident Abstract, located at 1027 Hooper Avenue, Toms River. Baker Abstract was initially formed in 1977 by Stan and Charles Baker and quickly established itself as one of Ocean County's premier title agencies. By merging forces, Baker-Trident Abstract increases its ability to provide the highest level of service to its clients, including the offering of paralegal services, online ordering and expanded website tools.
Submitted by: John J. McDonough
Nov 10, 2005
The New Jersey Division of Taxation has issued Technical Bulletin No. TB-57, which discusses the existing income tax requirements in connection with the sale of property located in New Jersey by out of state residents. The technical bulletin details the proper use of the various GIT/REP forms. A copy of the bulletin as well as the GIT/REP forms can be downloaded from our "Forms Library" page.
Link: http://www.tridentabstract.com/forms.php
Submitted by: John J. McDonough
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