Stay Ahead of the Curve: Proactive Selling in Nutley, Belleville & Clifton NJ

Stay Ahead of the Curve: Proactive Selling in Nutley, Belleville & Clifton NJ

As with anything else in life, becoming proactive in your pursuit of a particular goal will ultimately pay off. Everyone has heard the stories of men and women that took the reigns of their career and were able to rise through the ranks of their profession to a position of power. We’ve also all have the friend who hates his or her job, complains constantly, but does nothing to change the situation. Don’t be that person.

Getting proactive in your attempt to sell your home in Nutley NJ is perhaps the most rewarding, effective step you can take. While many sellers are more than happy to let their real estate agent take over and supply periodic updates on the situation, more and more, sellers are getting actively involved in the process to push a home sale along better than a real estate agent alone.

Know Your Home’s Weaknesses
Too many sellers in Nutley these days are relying on the home inspection as part of the real estate process to tell them what needs to be fixed with a property and what the buyer might take an issue with. Don’t wait for an inspector to go through your home and point out problems after you’ve already accepted an offer. You run the risk of being surprised and having to negotiate a potential problem with an unhappy prospective buyer.

Instead, take it upon yourself to fix what needs to be fixed and perhaps commission your own appraisal. Getting your furnace or roof certified can speak volumes to a buyer that will appreciate not having to wait for an inspection to be sure that they are buying a quality home. If your personal inspection does turn something up, fix it and trumpet your new furnace or roof in your marketing materials for the home.

You can even go so far as to get an estimate for a repair that might be necessary and supply it as part of the materials you give to an interested buyer. Often times, that buyer will appreciate the fact that you have disclosed the true condition of the property and are willing to solve the problem over the course of a real estate negotiation. Getting this kind of information out in the open will only foster a stronger relationship between buyer and seller.

Follow Up With Interested Buyers
Your teacher may have told you that the best information you can get from a test you’ve taken is an understanding of the questions you got wrong. The same is true for showing a home, an exercise in dressing up your home in an attempt to give an interested buyer in the best possible view of your real estate in Nutley. Not every showing leads to a contract offer, obviously, and understanding what each one did not might help you better market your property.

It can be very easy to chalk up a fruitless showing to a less-than-committed buyer, but going the extra mile and getting information on why the home wasn’t up to snuff will help you later. You can contact the real estate agent of the interested buyer directly to get your reason. Don’t be pushy and certainly don’t be rude. Simply state that you’d like to know if there are steps you can take to make the home more inviting to the next interested buyer that takes a showing.

These steps can easily be taken in conjunction with a real estate agent that will likely appreciate the role you want to take in the selling process. Selling your home is often a team effort between you and your realtor, so bring a proactive nature to that team can help sell your home faster. Be that proactive person instead of the sit-back-and-take-it seller that is so common.

If your thinking about selling your Home in Nutley New Jersey, Call Matthew DeFede of Coldwell Banker [facebook_ilike]

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    The History of Nutley New Jersey

    The Township of Nutley is located in the Northern quadrant of Essex County and enjoys a unique picturesque suburban existence in close proximity to New York City. It is conveniently located near the Garden State Parkway, New Jersey Turnpike, Route 3 and Route 21. Even with a population of approximately 27,000, this bedroom community enjoys a small town ambience throughout its quiet, well-maintained tree lined streets.

    The parks in Nutley are considered the “crown jewel” of the Essex County park systems. The Township prides itself in maintaining a commendable level of conservation while safeguarding this pristine natural resource from impending and unnecessary sprawl. The latest surveys list the Township as maintaining over 10,000 trees and over 100 acres of recreational land. No home in Nutley is more than one half mile from a park or playground.

    Since the arrival of Robert Treat in 1666, the character of the men and women who have lived in Nutley in the past 300 plus years has influenced our town. Our forefathers quarried the brownstone from the mines along the Passaic River to provide the raw materials for expansion of our great cities, and they toiled in the mills that lay along the Third River to manufacture the basic necessities of life. Living in the Enclosure area, they created the paintings and authored the writings that contributed to our appreciation of the arts, and in more recent times they have established homes and schools, and created neighborhoods that give Nutley the characteristics of a small town in a metropolitan environment.

    Nutley has been recognized as a town blessed with residents who take an active role in maintaining and improving the quality of life here. Although we may think this is something unique to modern times, a history of Nutley written in 1925 as part of the history of Essex County states “seldom can one find so deep a public spirit, so complete a participation in public affairs, so unselfish an affection for a place, as is shown by its people.”

    This spirit of volunteerism has been demonstrated by many of Nutley’s distinguished residents. In 1894, Annie Oakley and Henry Cuyler Bunner, a renowned author and editor of the famous Puck magazine, spearheaded a community effort to benefit the American Red Cross with a performance of the Nutley Amateur Circus (See 1894 The Illustrated American magazine article) . Held at Eaton Stone Circus headquarters on Kingsland Road, prominent residents volunteered as performers and roustabouts. Later, in 1917, Col. H. G. Prout, editor of the Railroad Gazette, became the first president of the Nutley Red Cross when it became affiliated with the American Red Cross.

    In the early 1900’s, John Bouvier, a successful New York trial lawyer, took an active role in Nutley organizations by serving as president of the Nutley Board of Education, president of the Nutley Field Club, trustee of St. Mary’s RC Church, and others. This characteristic of volunteerism was reflected in the life of his granddaughter, Jacqueline Bouvier Kennedy, and is similarly shown today in the lives of many people living here. Whether those families have lived in Nutley for generations or for a few years, the civic involvement here in Nutley is infectious.

    Nutley derived its name from the large estate of the Satterthwaite family, established in 1844, which stretched along the banks of the Passaic River. In 1902, the quaint town of Franklin, New Jersey, once the northeast corner of Newark, changed its name to Nutley when a growth in population prompted a change in the form of government from Township to Mayor/Council. Prior to this event, the geographical area now called Nutley had a colorful 236 years of recorded history.

    Since no photographs and little actual recorded data that describe life in Nutley in its earliest days are available, our knowledge dating back to 1666 must be inferred from other resources. These include paintings, old maps, wills, estate inventories, and most important, contemporary photographs of historic buildings in Nutley that survived the ages and today stand as a living and vibrant part of Nutley’s heritage. The fact that so many historic buildings exist bodes well for the people of Nutley and those in local government positions, for it is the Township of Nutley that has acquired ownership of three historic sites: Kingsland Manor, Van Riper House, Church Street School ( Nutley Museum). In addition to these the Vreeland Homestead and 12 homes within the Enclosure Historic District are listed on the State and National Register of Historic Places and are maintained by local homeowners.

    The Lenni Lenape Indian tribe first inhabited the wilderness that greeted Robert Treat and a group of Puritans form Connecticut in 1666. They deeded to the Puritans a land filled with wildlife: pristine rivers and lakes stocked with abundant fish.

    As the Village of Newark developed, its inhabitants did not wander far from their settlement and the town grew slowly, with few men, known as planters, acquiring land as far north as the Third River where Nutley is located today. However, at this same time, the Dutch began to settle along the Passaic River just north of the Third River at Acquackanonck (now Passaic) and established farms, saw mills and gristmills. The earliest recorded presence of a Dutch planter in the Nutley area was recorded in the minutes of the Newark town meeting held March 5, 1693, which admitted Bastian Van Giesen. The Van Giesen home, which still stands today on Chestnut Street (The Women’s Club) exhibits the characteristic masonry of the Bergen County Dutch, while the façade and floor plan embody the influence of the English settlers of Essex County. This combination, extremely rare among the 219 stone houses in the area, highlights the use of transitional building features in a transitional geographical location.

    In 1695, John Treat acquired land adjacent to VanGiesen, and in 1698 Thomas Stagg purchased another adjacent lot. These transactions signified the beginning of land development in Nutley in which people of different nationalities could live and work together.

    Although it is not known when the first quarry was opened in the Nutley area, the existence of stone houses dating back to the early 1700’s gives credence that quarry operations had begun at that time. Located close to the Passaic River, which provided a mode of transportation for the stone, the quarries became the first major industry. Unfortunately, as the quarries were dug ever deeper, water seepage caused them to become uneconomical and they were abandoned in the early 1900’s.

    A recently discovered map (drawn in 1792) of property along the Third River in an area now known as Memorial Park I, shows the beginning g of a small industry to meet the growing need of local inhabitants. It pictures a dam and pond; a home, gristmill, sawmill and a log yard operated by John and Thomas Speer. Mills located along the Third River became the second major industry in the mid 1800’s Joseph Kingsland operated a paper mill near Kingsland Road that produced a high grade safety paper used by banks throughout the world. Henry Duncan built mills at several locations, the largest being the Essex Mills located near Chestnut Street. Here he built his own home and helped to establish the quaint village of Franklinville. It consisted of about 30 small homes, a bakery, boarding house for bachelor workers, and the Franklin Hotel, later called Military Hall. Today only one of the original circa1850 mill structures exists, which has been adapted for use as our town hall. Workers spent 12 hours per day, six days a week eking out a living. In 1884, the lowering of tariffs against imported woolens destroyed the mill’s major business and ended this industry in Nutley.

    In 1870, railroad service came to Nutley with three stations located within the town’s borders: Franklin Avenue station on High Street, Nutley station on Highfield Lane and Walnut Street station on Walnut Street.

    With the advent of the railroad to towns surrounding New York, came a need for a true suburban home for commuters. William Lambert, president of the Nutley Realty and a noted architect and author of a book entitled Suburban Architecture, met this need. He is credited with giving Nutley much of its unique character. Lambert’s style, beauty, originality and reasonable cost met this need as exemplified by the 500+ homes he built in sections of town known as Prospect Heights, Nutley Park and Nutley Heights. Other structures included St. Paul’s Congregational Church, Nutley Post Office (now Starbucks) and High Street railroad station (now demolished). As the mills and quarries were phased out as the town’s major industries, these homes enabled Franklin/Nutley to become a haven for New York commuters, and a new spirit of camaraderie was born.

    Another 19 th century land developer in Nutley was James Hay, who, in 1873, purchased the circa 1812 John Mason house located by Cotton Mill Pond, now known as the “Mudhole” in Memorial Park I. This house, which stands today, is of Federal design and is one of Nutley’s most architecturally significant buildings. It is now part of the Enclosure Historic District that was placed on the National Register of Historic Places in 1973.

    Mr. Hay was instrumental in enticing scores of artists, authors and magazine editors to make the Enclosure and its environs their home.. Among the list of notables who lived in Nutley were painters Frank Fowler, Frederic Dorr Steele, Frederick Dana Marsh and his wife, Alice Randall, Albert Sterner, Arthur Hoeber, Earl Stetson-Crawford and his wife, Brenetta and Ferdinand Lungren; authors Frank Stockton, Henry C. Brunner, and editors of such prominent magazines as Puck, Century, Judge and The Railroad Gazette. Even the famous sharp shooter Annie Oakley took up residence in 1892 in a house on Grant Avenue (since demolished). In 1894, she and Henry C. Butler, the editor of Puck magazine, with many other town residents, volunteered their services to produce the Nutley Amateur Circus on the grounds of the Eaton Stone Circus Headquarters on Kingsland Road to benefit the American Red Cross. Special trains arrived from New York bringing in people to witness the event. (The spirit shown by these people lives on today as shown by the benevolent work of today’s residents).

    Starting in the latter part of the 19 th century and continuing throughout the 20 th century, civic groups were organized to help enhance the quality of life for the residents of Franklin/Nutley. Some organizations were purely recreational and catered to the social elite, while others were conceived solely to solve social and economic problems of the day.

    Typical of the latter was the Yanticaw Improvement Association, organized in the spring of 1892. It strove to interest property owners and tenants in beautifying their residences, including such mundane concerns as the disposition of garbage and debris. Apparently the objectives were met, for the Association gave out yearly monetary awards for the best kept grounds in the town, and garbage dumping became regulated at sites like the large dump on John Street. Also, several old barrack structures on Washington Avenue near Grant Avenue, which housed quarry workers were in such deplorable condition that 200 citizens of Franklin attacked the buildings with disinfectant solutions in March 1893. They later raised enough money to purchase the structures and apply the kindling torch. Such was the character of our forefathers and their concern in maintaining a high standard of living.

    Together with the Nutley Civic Society, both organizations strongly opposed buggy racing on Washington Avenue, the nuisance created at the Masonic Hall by boys loafing around the corner of Franklin and High Streets, the number of saloon licenses issued, slot machines in candy stores and whiskey drops on sale to minors, to name just a few of the turn-of-the-century social concerns. Question: were they successful? Answer: do we still have these problems?

    The first of another type of organization in pre 1902 Nutley concerned the welfare of residents was the Granite Council No. 51, Order of United Friends that held its meetings in Rusby Hall, located on the second floor of Rusby’s grocery store. Founded in 1882, it was the only lodge at the time for mutual benevolent purposes. Today we have numerous groups that car4ry on the work started over 100 years ago.

    Social organizations started with the Franklin Archery Club organized in June 1878. With the advent of tennis, the club evolved into lawn tennis and eventually became the Nutley Field Club located between the railroad tracks and what is now Tennis Place. The clubhouse became the focal place for the social events among the rich and famous of the day. Among the presidents of the Nutley Field Club was John Bouvier, grandfather of Jacqueline Bouvier Kennedy, who commuted to New York via the Erie train and lived on Nutley Avenue in the estate named Woodcroft.

    Other civic groups also dedicated to improving life in Franklin/Nutley have disappeared over the years, including the Nutley Association, Nutley Civic & Improvement Association, First Ward Association, North End Association, Men’s Civic Association and the Fortnightly Club, whose altered clubhouse still stands on Franklin Avenue.

    As would be expected of a town with such a spirit of volunteerism, in 1894 an all volunteer fire department was organized. Named the Yantacaw Hose and Truck Co., it was housed in the west end of our present town hall. In 1895 the Avondale Company was formed and in 1898 its headquarters was built on Park Avenue in a building still standing today. In later years, the Nutley Sun wrote: “Manned by men who not only had a sense of civic duty, but also the adventurous spirits of firefighters, the companies have been centers of neighborhood activities since the beginning of the town’s history.” An example of such neighborliness has been demonstrated over the years by the long hours firemen spend repairing broken toys for several months before Christmas. Remembering the events of 9 -11-01, we salute and thank all of our police and firefighters for the humanitarian efforts shown each and every day.

    With the end of the 19th century and the start of the 20th, came a time of change like to other in the history of man. No millennium change had caused as much stress and apprehension. Events had occurred and were occurring that would affect man socially and environmentally in profound ways.

    In America, the 1890 census called the frontier closed: all of the lands explored claimed and settled. The death of Queen Victoria in 1901 was not only the end of a monarch but also an end to the era named for her. By 1911 the earth’s north and south poles would be reached. The end of the 19th century closed the first great chapter in American history.

    Just six months before the township of Franklin, NJ changed its name to Nutley the world was shocked by the assassination of President William McKinley. He was succeeded by Teddy Roosevelt, a charismatic man with boundless energy and progressive politics. In the years prior to 1902, Nutley was a blue collar community whose major industries were stone quarries, woolen mills and paper manufacturing. With the advent of the railroad in the late 1860’s, the town became a town of commuters. The caliber of its residents created the need for independence from the more provincial town of Belleville. The division established the Township of Franklin in 1874 and the geographical boundaries we have today.

    The statistics of 1902 present a start contrast to conditions 100 years + later:

    Total U.S. population was 76,100,000

    Nutley population 3,600

    The average worker made $200-$400 per year

    Only 8% of homes had a telephone

    Only 14% of homes in the U.S. had a bathtub.

    Coffee cost 15 cents per pound

    Sugar cost 4 cents per pound

    The average life expectancy was 47 years

    Such were the times when on March 5, 1902, the town council adopted a resolution to officially re-name our town from Franklin to Nutley.

    1902 – 1912

    By 1902, we had a new name and a population growth from 1500 in 1874 (our first year as a separate town, Franklin) to 3,600 in 1902. This trend continued during the ensuing years. This fact, along with the passing of the Walsh Act in 1911, which regulated and provided for the government of towns, specifically the commission form, kept our town fathers busy. The next ten years would be spent building streets and sidewalks, extending the water mains and metering the water use, collecting taxes and water bills, licensing saloons and dogs and peddlers. In addition to changing our entire form of local government in 1912, other services and organizations were established. Firehouses, churches and new schools would also be built. It was also during this time through the persistent efforts of two local men, John F. Clark and Dr. Thomas E. Satterthwaite, that the town commissioners stopped the private development of properties along the Third River. This made way for the Parks system through the center of town that we enjoy today.

    Yantacaw School 1902

    The Friday Afternoon Club 1904

    Capalbo’s Fruit Baskets 1906

    First Baptist Church 1906

    The Bank of Nutley 1906

    West Nutley Fire Hose #2 1906

    First Police Department 1908

    Grace Church built 1908

    Holy Family Roman

    Catholic Church 1909

    Vincent Methodist Church 1910

    Windheim Plumbing 1911

    Washington School 1911

    Viola Brothers 1912

    Nutley Elks Lodge 1290 1912

    Women’s Club of Nutley 1912

    1913 – 1922

    The 1910 census reported Nutley’s population at 6009; almost double the amount from ten years prior. With this growth the next decade would see the construction of three additional new schools, the second addition to the Park School and the Free Public Library. Civic involvement would also continue. With the groundwork laid out the previous decade, the development of the park system would take place along the third river.

    In 1913, the cornerstone of the Public School Library, later named the Free Public Library was laid. 1913 also brought the lobby of town women to sit on the School Board and discussions of the women’s suffrage movement. In a special section of the Nutley Sun (1913) the attributes of life in Nutley are detailed. Noted were: it is within the heart of things; transportation facilities are splendid; life of paradise outside of metropolis; population 7,000; occupies larger area than most towns with as many people; has miles and miles of splendidly laid sidewalks of concrete construction; miles and miles of cement curbing and gutters; macadamized roadways; most roadways are beautifully shaded with elm and chestnut trees; the lawns are well kept; there is an abundance of open fields for children to play; all schools have spacious grounds which present a very neat appearance throughout the year and extensive parks are being built by the Essex County Parks Commission.

    1915 brought one of the largest graduating classes of Nutley High School – 21 students. In that same year, the Nutley Family Service Bureau was formed. In addition, this era brought the following:

    Spring Garden School ground breaking 1916

    County Park (Centre to Chestnut) 1917

    Gary’s Pharmacy 1917

    Nutley Abundant Life 1918

    Nutley Post 70 American Legion 1919

    Memorial Parkway 1920

    Stuart E. Edgar Post 493 1920

    St. Mary’s School 1921

    Zinicola’s Bakery 1921

    Knights of Columbus 1922

    Nutley Chapter Rotary International 1922

    1923 – 1932

    In America, the 1920’s were a time of economic boom, population growth and great social optimism following the first Great War. However, in a short time the Great Depression would take hold and the generation of that time would receive a formidable experience that would shape them and our country for the next 60 years. Nutley experienced its greatest population growth during this time, from 9,421 in 1920 to 20,572 in 1930. New developments included:

    Holy Trinity Lutheran Church 1924

    Kingsland Park 1924

    Franklin Men’s Shop 1925

    League of Women Voters 1925

    Nutley Lions Club 1925

    Mt Carmel Roman Catholic Church 1925

    Franklin School 1927

    Franklin Theatre 1927

    Nutley Branch AAUW 1927

    Hoffman La Roche 1929

    Public Safety Building 1930

    Nichols Park 1930

    Booth Park 1931

    Nutley Park Shop Rite 1932

    1933 – 1942

    The Depression and World War II would dominate America during this period. Like the rest of the country, the citizens of Nutley would pull together for each other and for their country. A Civil Defense film was made depicting Nutley’s efforts at home during the war. The film was borrowed by other communities in the US to use in developing their own programs and finally made its way back to Nutley in 1975 from a town in North Dakota. Like the rest of America during the war, Nutley citizens did all they could . Scrap drives, food rationing, and blood drives were just a few of the activities that took place. This era also established the following:

    George T. Bowes Realtors 1933

    Recreation Center at Lincoln School 1933

    Nutley Velodrome 1933

    Nutley Little Theatre 1934

    Oilways Fuel Corporation 1935

    Janette Nutley Center 1936

    NBC Auto 1937

    Holy Family Church 1938

    Third Half Club 1939

    J & N Service Center 1939

    1943 – 1952

    With the end of World War II in 1945, the Township experienced returning GI’s intent on partaking of the American dream. After years of fighting for freedom, they got buys with the post war economic boom, the baby boom and the building of their communities and families. The proposal of the Garden State Parkway in 1953 and Route 3 in 1949 would be part of an expansion of highways and interstates that would contribute to the continued density growth of the areas surrounding Nutley. The challenge became to maintain our small town character while still being progressive. Beginning with the 1944 commission election, names such as Lucy, Chenoweth, Jernick and DeMuro would remain at the helm for much of the next 40 years. We would continue to experience this trend of longevity in later years with the addition of Commissioners Carmen Orechio and Frank Cocchiola. The Commissioners oversaw much of our growth during this period, introducing a Master Plan, zoning requirements and seeing to the development of many of the garden apartment complexes we have today. Life in post-war Nutley also brought the following:

    ITT 1943

    Richards Florist 1945

    Nutley Amvets 1946

    Riverside Community Church 1946

    Nutley Old Guard 1947

    Recreation Department 1948

    Town Hall 1948

    Nutley Historical Society and Museum 1948

    Russo Insurance 1948

    Golden Age Club 1949

    Bethel Assembly 1949

    Holy Family School 1950

    S.W. Brown Funeral Home 1950

    Griffith Shade Company 1950

    Temple B’nai Israel expansion 1950

    Nutley Chapter – Unico International 1951

    1953 – 1962

    Some would call this period the golden age of suburban life: Dad at work and Mom at home with the children. Though we had the Cold War, the focus was on family life. The baby boom was still on, television was well entrenched, the interstate highway system enable greater mobility, malls were just emerging and we still had Ma Bell.

    Halfway through Nutley’s first 100 years, the landscape had changed dramatically. Development leveled off substantially. 3.5 square miles were almost completely developed. With no more farms and the street system complete, we were left with the responsibility of maintenance. However, community spirit thrived.

    Nutley Volunteer First Aid Squad 1953

    Nutley Chamber of Commerce 1953

    Nutley Masonic Lodge No. 25, F &AM (current home) 1953

    Park Foods ( 411 Franklin Avenue, Now Nutley Shop Rite) 1953

    Nutley Museum Dedication 1954

    Jernick Insurance 1954

    Garden State Parkway 1955

    Radcliffe School 1955

    Nutley Jaycees 1955

    Town Flag designed 1956

    Father Glotzbach Park 1956

    Flora Louden Park 1957

    Delgen Press 1957

    Kiwanis Club 1958

    Nutley Senior High School 1959

    Ralph’s Pizzeria 1961

    1963 – 1972

    Beginning with the assassination of President Kennedy in 1963, lie in America would dramatically change during the next decade. The Vietnam War and the Civil Rights Movement would have a profound impact on America’s psyche. Social unrest would reshape the country’s identity.

    However, life in Nutley would again remain relatively stable. With a population of almost 32,000 in 1970 the township would see growth of the High School and continued improvements of the park system. Recreation programs in town would also grow substantially.

    Glotzbach Little League Field 1966

    First Official Girls Basketball Team 1968

    Biondi Funeral Home 1968

    Franklin Floors 1969

    Eight Ciccolini Brothers 1969

    DeMuro Park Improvements 1969

    NHS Addition 1971

    Mattia Service Award established 1972

    Tour of Nutley Bike Race 1972

    1973 – 1982

    By 1973, the post-war economic boom was over and America was facing uncertainty. The Vietnam War would end with the Communists in control. In Iran, the US embassy would be overthrown and Americans taken hostage. At home, high unemployment, high inflation, gas shortages at the hands of foreign powers and the Watergate scandal would cause an unprecedented identity crisis for America. The phrase, “The Me Generation”, would come to describe the population. Thoushwe would celebrate the country’s bicentennial in 1976, faith in government was shaken. Reaganomics would begin to stimulate the economy again but the accelerated pace of change in the world would force a redefining of social, political and economic approaches. In Nutley, what were becoming identifiable characteristics, stability and progress, though certainly slowed, continued. There were expansions of the Parks and Recreation building, the Public Library and the development of the 22 acre Monsignor Owens/Glotzbach Park. Civic pride and involvement also continued.

    Kingsland Manor purchase 1973

    Enclosure Historical Site designation 1974

    Creation of Special Young Adults 1975

    Burial of Bicentennial Time Capsule 1976

    Girls Basketball State Champs 1977

    Organization of St. Patrick’s Parade 1978

    Expansion of Parks & Rec Building 1981

    1983 – 1992

    During this time in America we would see the construction of the Vietnam Memorial in Washington D.C. Finally we would have reconciliation, putting to rest America’s struggle with the dividing experience that the war produced. The Cold War would end in 1985 and the Berlin Wall demolished in 1989, changing the world landscape. New words would come into our language: Yuppies, Aids and Reaganomics. The resurgent US space program and the American people would suffer the Challenger Shuttle disaster.

    In Nutley, civic pride continued. The first designation as Tree City took place. A new housing project would be built for the senior population and one of the largest volunteer projects in township history would give our children a fun place to play.

    Parkside Senior Citizen Complex 1978

    Formation of town recycling program 1984

    Boys Basketball State Champs 1984

    Demolition of Franklin Ave. train station 1985

    Improvements to Mudhole 1986

    First Female Police Officer 1987

    Public Library Expansion 1987

    First Designation Tree City USA 1987

    Building of Creative Playground 1992

    1993 – 2002

    As the township closed the first 100 years we saw the explosion of the Internet and companies, Y2K concerns and, of course, 9/11, which will be remembered as one of the most significant dates in our generation’s and our country’s history. The tragic events of 9/11 provided an awakening to the common bond we individuals share as Americans, this country’s freedom. We were all attacked (many more directly than others), not as individuals but as a people. Nutley lost three of its citizens on that fateful day. But like so many other Americans, Nutley responded heroically. All of our police, firemen and Rescue Squad staff were mobilized immediately in the hours following the attacks in New York. Ordinary citizens gave their time, money and efforts in any way possible. In this time period, the Township will see the last large land development take place. ITT Avionics moved out of its 93 acre site on Washington Avenue, making way for the Cambridge Heights development. Across the border, Clifton saw a huge retail development and our own end of Franklin Avenue was revitalized with restaurants and coffee shops.

    Town Hall named Harry W. Chenoweth Building 1994

    Van Riper House saved from demolition 1995

    Ice Hockey added to HS athletic program 1998

    Building plan approved – Cambridge Heights 1998

    Rehab of World War II Memorial 1999

    Lacrosse added to HS athletic program 1999

    Roller Rink built 2000

    Senior Citizen addition to Parks & Rec Building 2001

    New Senior Housing Complex Built 2002

    9/11 Memorial dedicated 2002

    Gazebo donated by Rotary to township 2002

    2002 noted the 100 th anniversary of the Township of Nutley commemorated by a year’s worth of historic events planned by the Centennial Celebration Committee formed under the direction of Mayor Peter Scarpelli and Chaired by Commissioner Joanne Cocchiola.

    As the Township of Nutley enters its second century a lot has changed. But our civic pride and our citizens’ involvement are as strong as ever. The events of 9/11 only strengthened our commitment to our freedoms, our country and our community There will be debates, there will be mistakes but in the end it is the love of this town that will sustain Nutley for the next century

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      As you prepare to sell your home, we appreciate the opportunity to assist you in one of life’s most important events. Most real estate companies offer one level of service. We believe you should expect more. Our exclusive Full Service Marketing System represents our ongoing reliability and service, and our commitment is to meet and exceed your expectations. Below are outlined some of the key components of the home selling process.

      You’re ready to sell your home!

      Your first step is to have your Coldwell Banker Residential Brokerage sales associate assist you with practical ideas on how to successfully prepare your house for sale. If you are not already working with a Coldwell Banker Residential sales associate, you can select one by using our Agent/Office Search.  Be assured, by choosing a Coldwell Banker Residential Brokerage Sales Associate you will find a professionally trained, experienced agent to offer you agency representation options and full service.

      In addition, you can read a copy of our Home Selling Checklist for more information about preparing your home for sale.

      This is also a good time to gather all your paperwork that you will need to expedite the closing once you have an acceptable offer. Your Sales Associate can provide you with a list of these items. In addition, you may wish to begin the process of selecting a local Real Estate attorney to represent you once you have an accepted offer on your home. If needed, your Sales Associate can provide you with a list of local attorneys that specialize in real estate.

      What should I list my home for?

      There are many factors that affect the list price of a home: location, condition, amenities, supply and demand, and local and global market conditions. Your Sales Associate will assist you by providing a thorough market analysis of your home so you will be able to come up with a realistic, competitive pricing strategy on your home.

      What is the Property Condition Disclosure Form?

      Most sellers of single- and multi-family residential homes are required to provide potential buyers with a completed and signed property condition disclosure form. Failure to provide this form will result in a monetary credit to the buyer at closing. Please consult with your Coldwell Banker Residential Brokerage Sales Associate for complete details.

      Full Service Marketing and Personally Customized Service

      At Coldwell Banker Residential Brokerage our goal is to not simply sell your house, but help you realize the best price obtainable for your property. To help you achieve this goal we have developed the “Expect More Full Service Home Marketing System.”

      During the market analysis presentation your Sales Associate will explain every aspect of the selling process to you. Once you list with Coldwell Banker Residential Brokerage, your Sales Associate will begin managing the sale of your home with implementation of our Full Service Home Marketing System (click on Full Service Real Estate link on this Web site for more information [indicate location of this link?]).

      The relationship between you and your Sales Associate is the key to the successful sale of your home. Your home and your needs are unique; therefore your Sales Associate won’t use a pre-designed plan to sell your property. Your Sales Associate will listen to your goals, address your concerns, and use his or her knowledge and experience to create a custom plan that will effectively result in a sale.

      Your Coldwell Banker Residential Brokerage Sales Associate will also present you with our Seller Services Guarantee, which demonstrates that we are committed to performance!

      A Buyer is Ready to Present an Offer!

      When an offer is presented, your Sales Associate will advise and help you to obtain the best possible price and terms. Understanding the standard forms and the many transactional issues is key to negotiating the best terms to meet your individual needs. Making sure buyers are pre-qualified is of utmost importance in negotiating a successful sale. Your Sales Associate will promote your interests and assist in developing a clear and binding transaction.

      Again, because the offer procedure and paperwork varies within the Tri-State area, please consult with your Coldwell Banker Residential Brokerage Sales Associate who will review the specific procedures followed in your area.

      Typically an offer is initiated by the buyer through their Sales Associate and includes the following information:

      • The amount the buyer is willing to pay
      • Mortgage amount, if any
      • Closing and occupancy dates
      • Contingencies, such as mortgage commitment, building inspections and pest inspections to include where appropriate (but not limited to): termite, pest, radon, water potability, well, lead, septic, oil tank.
      • Any personal property specifically included or excluded
      • If the offer is not acceptable to you, further negotiations may be necessary to reach terms agreeable to both you and the buyer. Because counter-offers are common (any change in the offer can be considered a counter-offer) it is important that you remain in close contact with your Sales Associate during the negotiation process so that proposed changes can be reviewed and responded to quickly.

      You have an Acceptable Offer!

      Once again, because the Contract writing procedure, down payments required, building inspection contingency dates, etc…varies within the Tri-State region, please consult with your Sales Associate so that they can inform you of the immediate action steps. Timing is critical at this stage!

      Between Contract and Closing

      Throughout the transaction, you will need to closely monitor the progress of all contingencies to make certain that all deadlines are met. On the day of closing, the buyer will have a “final walkthrough” to make certain that the house is left in “broom clean” condition and has been thoroughly vacated.

      What to expect at the Closing

      The closing is a formal process where all parties sign all of the necessary paperwork needed to complete the transaction. Title to the property is transferred from you to the buyer. The buyer receives the house-keys and you receive payment for the house! From the amount credited to you, the title representative subtracts the funds to pay off the existing mortgage and other transaction costs. Deeds, loan papers, and other documents are prepared, signed and ultimately filed with local property record office.

      After the Closing

      Our exclusive Concierge program was developed to assist you with the services you need before, during, and after your move. Please visit the Concierge Services section within this web site for further details.

      *PLEASE NOTE: The home selling process varies by state and state region. Ask your Coldwell Banker Residential Brokerage Sales Associate about any details specific to your area when selling your home.

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          For Sale By Owner Tips, Nutley NJ

          I’ve noticed that you’ve been trying to sell your property on your own without the use of a Real Estate agent,

          Here Are Some Progressive Marketing Techniques You Can Use To Get More Exposure For Your Property On Your Own:

          • Create a single property website using a service like Realbird.Com, that allows for you to syndicate your property to 20+ search portals. This great service also integrates with a stats tracking service that gives you the ability to watch visitors to your listing page in real time, giving you valuable insight into how interested internet based buyers are in your property.
          • Create a video of your property and post it to Youtube. Did you know that Youtube is the second largest search engine in the the US? Yep, getting your property onto youtube and properly title could go a long way toward getting you organic search exposure. And you don’t even need a video camera to create the video! You can use a free service like Animoto to create a video photo slideshow… or a free service like Screenr.Com to give a photo tour of your property as you talk about its better features…
          • Post Your Property To Craigslist, but do it right! Sure, we know you’ve probably been using craigslist already, but have you been Titling your Craiglist posts so they stand out? Or in such a way that you can benefit from the organic search juice craigslist is capable of getting you… Have you been making it possible for visitors to your listing on craigslist to join a list to be notified about upcoming open houses at the property? Why not capture your prospective buyer and engage him/her with some modern follow up!
          • Run A Locally Targeted Facebook Ad For Your Property. In no time, you can have an ad for your property live and viewable to thousands of Facebook users in your area! You’ve seen those ads on the right side of facebook right? Your property can be there in 15 minutes!
          • Run a Google Adwords Campaign For Your Property. You can position your property so it shows up at the top of the page anytime someone uses google to search properties in your area. (For some strange reason, most agents still don’t do this for their individual property listings, so you shouldn’t have too much price competition. )
          • Create A Blog or Facebook Page For Your Property… Get people to subscribe or become a fan in order to learn about how the sale is going! Here’s a link to a service that creates great looking Facebook Pages built for Lead Capture.
          • Find some local blogs in your area. Comment on them, be sure to use the Website for your single property page so when folks see your comments and want to know more about you… they see your property! You can also approach local bloggers and offer them advertising $$$ in return for a banner ad on their site. Many bloggers we know would be thrilled to pick up $20-$50 in return for plugging your property to their readership! You can also try a service like BlogAds.Com to execute this step.
          • Create a Twitter account for your Property! Then use a great service like Tweetspinner.Com to make your property automatically “follow” other twitterers in your area! Yeah, for real… you can do this!
          • Google – “Real Estate In” Your Area. Then go to every agent’s website you find and “Friend” him/her. Moving forward, be sure to drop a line or 2 about your property to your Facebook profile on a daily basis. Sure, agents will see your property and approach you for your listing… But the best among them will keep your property in the back of their mind in order to do the best possible job for their buyer clients.
          • Create A Mobile Website For Your Property, That Is Accessible Via Text Code. Then email a bunch of renters around town with a quick postcard that offers pictures of your great property via a Text Response… Or you can do something funny like this – “TEXT 4528 To 411669 To See What Your Landlord Is Doing With Your Rent Money Right Now.” When folks enter the text code, you can receive a phone number in Real Time! Then all you have to do is invite your prospects to take a look at your property…
          • And finally, if you exhausted the options above, and your property still isn’t sold, give me a ring so we can talk about the nifty stuff I haven’t shared with your here! 


          Matthew DeFede

          Coldwell Banker Residential Brokerage

          c: 862-228-0554

          o: 973-778-4500

          Real Estate Terms For Nutley Home Buyers or Sellers

          Real Estate Terms for Nutley Home Buyers or Sellers

          This glossary will assist you in understanding many of the terms used in real estate transactions. Though general in nature, these definitions, dependent on the context, may have additional meanings that are different from those published on this site. Of course, all questions concerning the meaning of specific words in specific situations should be referred to an appropriate professional, such as an attorney, lender, or escrow officer.

          A B C D E F G H I J K L M N O P Q R S T U V W X Y Z


          ADDENDUM – An addition to the contract that must be signed by both parties to be binding.

          AMORTIZATION – The payment of a financial obligation on an installment basis.

          AMORTIZED LOAN is a loan that is completely paid off, interest and principal rather than interest-only, by a series of regular payments that are equal or nearly equal.

          ANNUAL PERCENTAGE RATE (A.P.R.) – The total amount of the finance charge – including interest, points and all loan fees (i.e. escrow, processing, etc.) – calculated as a percentage of the borrowed amount and expressed as a yearly rate.

          APPLICATION FEE – This is a fee that may be charged by the lender to cover the costs of processing your loan application.

          APPRAISAL – The professional examination of property for the purpose of estimating its current market value.

          APPRECIATION – The increase in value of a property due to any cause.

          APPURTENANCE – That which “runs with the land”; anything incident to or attached to the land that is part of the property.

          ASSESSED VALUE – The value placed upon a property for property tax purposes.

          ASSIGNMENT – The transfer over to another the whole of any property, real or personal, in possession or in action, or any right or estate therein. ASSIGNEE is the person receiving the right or property. ASSIGNOR is the owner of the right or property, which is being transferred to another.

          ASSIGNOR – is the owner of the right or property, which is being transferred to another.

          ASSUMPTION OF A MORTGAGE – A buyer’s agreement to assume the liability under an existing note that is secured by a mortgage or deed of trust. The mortgage or deed of trust. The lender must approve the buyer in order to release the original borrower (typically the seller) from liability. Not all loans or loan terms are “assumable”.

          ATTORNEY IN FACT – A person holding power of attorney from another.

          ATTORNEY REVIEW – For the state of New Jersey, there is a 3-day attorney review. For the state of New York, there is a 5-day attorney review. Connecticut has no formal attorney review period. During this timeframe either party may cancel the contract for any reason without penalty.

          BALLOON PAYMENT – Any payment on a note that is greater than the smallest installment payment. A lump sum principal payment due at the end of some mortgages or other long-term loans.

          BENEFICIARY– The inheritor of a trust. The lender on a note and trust deed transaction.

          BENEFICIARY STATEMENT – Statement of a lender, giving the remaining principal balance and other information regarding the loan. Usually obtained when an owner wishes to sell or refinance.

          BINDER – Written evidence of insurance which covers a limited time; to be replaced later with a permanent policy.

          BUNDLE OF RIGHTS – The law designates the rights that accompany ownership to real property as the bundle of rights. The right to own, possess, use, enjoy, encumber, dispose of, and exclude those who do not share ownership of real property.

          BUYDOWN – A permanent buydown is prepaid interest that brings the note rate down to a lower permanent rate. A temporary buydown is prepaid interest that lowers the note rate temporarily on the loan, allowing the buyer to more readily qualify and increase payments as income grows.

          BUYER AGENT – Agent acts solely on the buyer’s behalf. The Agent has full fiduciary responsibilities, which include reasonable care, individual loyalty, confidentiality and full disclosure. This means the agent places the buyer’s interest above all else.

          CALLED LOAN – A loan that is due and payable at the demand of the lender.

          CAP – The limit on how much an interest rate or monthly payment can change, either at each adjustment or over the life of the mortgage.

          CAPITAL GAIN – The gain received on the sale of real or personal property, other than property sold as stock-in-trade.

          CAPITALIZATION – In appraising, determining value of property by considering net income and a percentage of reasonable return on the investment. The conversion of income into value.

          CAPITALIZATION RATE – Any rate used to capitalize income.

          CHAIN OF TITLE – A history of all of the documents transferring title to a parcel of real estate, beginning when it originally came from the government to a private owner, through the latest document transferring title.

          CHATTLE – An item of personal property.

          CHATTLE REAL – A personal property right in real estate, such as a lease.

          CLOSING – The same as Close of Escrow or COE. The final procedure in a real estate transaction. This is the day the new owner can take possession of the house and actually owns it.

          CLOSING SERVICE NETWORK – A network of experienced Real Estate Attorneys who provide efficient, reliable and responsive representation for homebuyers and sellers.

          CLOSING STATEMENT – (HUD-1 STATEMENT)The financial disclosure statement prepared by the escrow holder (attorney, broker, escrow company, or lender) that accounts for all of the funds received and expected at closing, including deposits for taxes, hazard insurance and mortgage insurance.

          CLOUD ON TITLE – Any condition that affects the clear title of real property.

          COMMISSION – An amount paid by the seller to the listing and selling agent for handling the real estate transaction.

          COMMUNITY PROPERTY – Property acquired by husband and wife during marriage, when not acquired as separate property.

          COMPARATIVE ANALYSIS – A method of appraisal in which selling prices of similar properties are used as the basis for arriving at the value estimate (a.k.a. the Market Data Approach).

          COMPOUND INTEREST – Interest paid on original principal and on the accrued and unpaid interest, which has accumulated.

          CONCIERGE SERVICE – The Coldwell Banker Concierge® Service is a resource to help buyers and sellers find the service providers need before, during and after the sale or purchase of a home.

          CONDITION– A stipulation or qualification in the deed which, if violated or not performed, defeats the deed and places the title back in the hands of the original grantor.

          CONDOMINIUM – A form of real estate ownership in which the owner receives exclusive title to a particular unit and shares ownership in certain common areas with other unit owners. The unit itself is generally a separately owned space whose interior surface (walls, floors and ceiling) serves as its boundaries.

          CONSIDERATION– Anything of value given to induce another to enter into a contract including money, service or a promise. This is essential to a valid contract.

          CONTINGENCY – A condition that must be satisfied before a contract is binding. For example, a sales agreement or offer may be contingent upon the buyer obtaining financing.

          CONTINGENCY REMOVAL – Must be signed by the buyer to remove any contingency and create a binding contract.

          CONTRACT – A deliberate agreement, based upon legal consideration, between two or more parties who have legal capacity, to perform a legal act. A binding promise.

          CONVENTIONAL LOAN – A loan that is not underwritten by a government agency.

          CONVEYANCE – 1) The transfer of a title. 2) The document, such as a deed, by which the title is officially transferred.

          CO-OP – (Co-operative housing) A form of multiple ownership in which a corporation or business trust entity (made up of the occupants) holds title to a property and grants occupancy rights to shareholders by means of proprietary leases or similar arrangements. As such, no real property is owned by the individuals, only shares in the corporation allocated to particular apartments.

          COVENANT – A clause in a contract; an agreement contained in a deed for the performance or non-performance of certain acts.

          CURABLE DEPRECIATION – Items of physical deterioration and functional obsolescence that can be repaired or replaced by a prudent property owner.

          DEBT RATIO – The comparison of a buyer’s housing costs to gross or net effective income.

          DEED – A document which, when properly executed, conveys title of real property.

          DEFERRED PAYMENT – A payment under which the total balance of principal and an amount for finance charge is put off until the future. This balance is paid by means of installments over a long period.

          DEPRECIATION – As used in appraisal, loss in value due to any cause. As used in taxation, a capital cost recovery out of income.

          DISCLOSURE – To make known or public. By law, a seller of real property must disclose facts that affect the value or desirability of the property. Unless exempt, the seller completes and signs specific disclosure forms, including the Real Estate Transfer Disclosure Statement, to disclose those material facts.

          DISCLOSED DUAL AGENT – When an agent shows properties that are listed with Coldwell Banker, or if Coldwell Banker is representing more than one buyer on a particular property, the Coldwell Banker agent then becomes a disclosed dual. The agent will not be able to disclose confidential information to either party, such as price, terms or motivation to sell or buy. The dual agent must treat all parties fairly, act in good faith and disclose all appropriate property facts.

          DISCOUNT POINTS – A negotiable fee paid to the lender to secure financing to the buyer. Discount points are interest charges paid up-front to reduce the interest rate on the loan over the life or a portion of the term.

          DOCUMENTARY TRANSFER TAX – A method of taxing real property transfers. State law requires that a tax be paid prior to recording a deed.

          EARNEST MONEY – The portion of the down payment delivered to the seller or escrow agent by the purchaser with a written offer as evidence of good faith.

          EASEMENT – A right to use all or part of the land owned by another.

          EFFECTIVE AGE – Age of a structure as estimated by its condition rather than actual age. Takes into account rehabilitation and maintenance.

          EGRESS – As applied to an easement, a way out or exit.

          ENCUMBRANCE – Anything that affects or limits the ownership of real property, such as mortgages, liens, easements, or restrictions of any kind.

          EQUITY – The difference between what is owed and the amount for which the property could be sold.

          ESCROW – The temporary holding by a third neutral party of deposited money pending completion of agreed terms in the sales contract. This third party acts as stakeholder for both parties’ instructions and assuming responsibility for the handling of all paperwork and distribution of funds.

          ESCROW FEES – The fee that the title company (the third party) charges for doing the paper work involved.

          ESTATE – The ownership interest of a person in real property; also used to refer to the property left by a deceased person.

          EXCLUSIVE AGENCY LISTING – A written instrument giving one agent the “authorization to sell” property for a specified time, but reserving the right to collect a commission if the property is sold by anyone during the term of the listing.

          EXECUTED – A contract that has been fully performed.

          EXTENDED COVERAGE – A form of title insurance that is available to homeowners.

          FHA LOAN – (Federal Home Loan Mortgage Corp.-FHLMC) Often referred to as “Freddie Mac”, a part of the secondary market and used to purchase loans from savings and loan lenders within the Federal Home Loan Bank Board.

          FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) – Popularly known as “Fannie Mae”, a privately owned corporation formed by the congress to support the secondary mortgage market. It purchases and sells residential mortgages insured by FHA or guaranteed by the VA, as well as conventional home mortgages.

          FEE SIMPLE – An estate in which the owner has unrestricted power to dispose of the property as he or she wishes, including leaving by will or inheritance.

          FIDUCIARY– A person holding a position of trust; agents, trustees, attorneys, etc.

          FINANCE CHARGE – The total cost that a borrower must pay (directly or indirectly) to obtain credit according to Regulation Z, the set of rules governing consumer lending issued by the Federal Reserve Board.

          FINANCIAL STATEMENT – A statement in writing often required of a borrower of money from a bank, stating fully all of the borrower’s assets, liabilities and net worth.

          FIXED EXPENSES – The regular recurring costs or charges required in the holding of a property, such as taxes and fire insurance.

          FIXED RATE MORTGAGE – A conventional loan with the same interest rate for the life of the loan.

          FIXTURE – Personal property that is attached to real property and is legally treated as real property when its attached-such as light fixtures and window treatments.

          FULLY INDEXED RATE – The maximum interest rate on an ARM that can be reached at the first adjustment.

          FUNCTIONAL OBSOLESCENCE – A loss of value due to out-of-date, old-fashioned or poorly designed equipment; a type of depreciation.

          GIFT LETTER – A letter from a relative stating that an amount will be gifted to the buyer, and that said amount is not to be repaid.

          GOVERNMENT NATIONAL MORTGAGE (GNMA) – Known as “Ginnie Mae”, a governmental part of the secondary market that deals primarily with recycling VA and FHA mortgages, particularly those that are highly leveraged.

          GRANT DEED – Customary document used to transfer title to real property; contains two implied warranties.

          GRANTEE – Receiver of the title being granted.

          GRANTOR – Owner of title being granted; the person who makes the grant.

          GUARANTEE OF TITLE – A guarantee by an abstract company or title company that the title is vested as shown on the guarantee, backed only by the assets or reserves of the guarantor.

          HAZARD INSURANCE – Insurance protection for the borrower and lender against property loss due to fire, wind or natural hazards.

          HOME INSPECTION SERVICE – A qualified inspector’s report on the overall condition of a property. The report typically includes an evaluation of both the structure and mechanical systems.

          HOME WARRANTY PLAN – Protection against failure of mechanical systems within the property, and usually includes plumping, electrical, heating and cooling systems, and installed appliances.

          HOMEOWNER’S ASSOCIATION (HOA) – An organized group of homeowners whose members help to regulate and enforce the rules and standards of their respective communities.

          IMPOUND ACCOUNT – An account held by the lender for payment of taxes, insurance and other periodic debts against a property. The borrower pays an apportioned amount with each monthly loan payment and the lender pays the bills with the accumulated funds.

          INDEMNIFY – To secure against hurt, loss or damage; to make compensation to for hurt, loss or damage.

          INDEX – A measure of interest rate changes used to determine changes in an ARM’s interest rate over the term of the loan.

          INTEREST RATE – The percentage of a sum of money charged for its use.

          INVOLUNTARY LIEN – A lien imposed against property by operation of law without the consent of the owner, such as a tax lien, judgment lien or mechanic’s lien.

          JOINT TENANCY – An equal, undivided ownership of property by two or more persons. Upon the death of any owner, the survivors take the descendant’s interest in the property.

          JUMBO LOAN – Mortgage loan that exceeds the loan amount acceptable for sale in the secondary market. Jumbos are packaged and sold differently to investors, and have separate underwriting guidelines.

          LIEN – A legal hold or claim on a property as security for a debt or charge. It can be voluntary such as a mortgage or involuntary such as for back taxes.

          LIST-TO-SALE RATIO – The ratio between the price at which a property is listed and the amount for what it is actually sold.

          LOAN COMMITMENT – A written promise to make a loan for a specified amount on specific terms.

          LOAN ORIGINATION FEE – A fee charged by the lender for Evaluating, preparing, and submitting a proposed mortgage loan.

          LOAN-TO-VALUE (LTV) RATIO – The amount of the loan as a percentage of the property’s appraised value. An 80% loan, for example, is determined by subtracting a 20% down payment from the property’s appraised value.

          LOCK-IN – The fixing of an interest rate or points at a certain level during the loan application process. It is typically fixed for a specified amount of time, such as 20-30 days or some other period of time determined by the lender.

          MARGINNEGATIVE AMORTIZATION – The number of percentage points the lender adds to the index to calculate the ARM interest rate at each adjustment. For example, an index rate of 8% plus a margin of 2.5% could result in a home loan rate of 10.5%. The fixed margin over the index covers the lender’s operating expenses and profit margin.

          MARKET VALUE – The current value of real estate that a buyer is willing to pay and a seller is willing to accept.

          MARKETABLE TITLE – Title to property that is free of objectionable encumbrances and liens.

          MECHANIC’S LIEN – A statutory lien on a specific property for labor or materials contributed to a work of improvement.

          MORATORIUM – A temporary suspension, as in the payment of a debt.

          MORTGAGE (DEED OF TRUST) – A legal document between the lender and borrower providing security for and stipulating the terms of repayment of a loan for a specific property.

          MORTGAGE INSURANCE PREMIUM (MIP) – The mortgage insurance required on FHA loans for the life of said loan.

          MULTIPLE LISTING SERVICE (MLS) – The pooling in a central bureau of all properties listed for sale. Listings are held individually by members of a group of real estate brokers, with the agreement that any member may sell the property and the commission will be divided between the listing and selling broker.

          – Monthly payments fail to cover the cost of the interest on a loan, which is then added to the principal balance. As a result, a borrower could owe more than at the beginning of the loan even after making several payments.

          OFFSET STATEMENT – Statement of owner setting forth the present status of title and all liens against the property.

          OPTION – A right given to a person to buy, sell or lease property within a stated period and under certain specified terms. A contract to keep an offer open.

          OPTIONEE receives an option.

          OPTIONOR owns the title who gives an option.

          PAYMENT CAP – This cap places an annual limit on the amount that a monthly payment can increase. This feature is offered by some ARM lenders instead of an annual interest rate cap.

          PITI – The term for a mortgage payment that includes principal (P), interest (I), taxes (T), and insurance (I).

          PLANNED UNIT DEVELOPMENT (PUD) – A zoning designation for property developed at the same or slightly higher density than conventional development, often with improvements clustered between open or common areas.

          POINT(S) – An amount equal to one percent of the principal loan amount. For example, two points equal 2% of the amount.

          POWER OF SALE CLAUSE – A clause in a trust deed that gives the trustee the right to sell borrower’s property publicly, without court procedure, if the borrower defaults on the loan.

          PREPAID INTEREST – Interest paid before accrued.

          PREPAYMENT PENALTY – A fee charged to a borrower who pays a loan in full before the stated due date.

          PRIVATE MORTGAGE INSURANCE (PMI) – Insurance written by private companies to protect a lender against loss if the borrower defaults on a mortgage. PMI is often required on mortgage loans with less than 20% down payment.

          PROMISSORY NOTE – A written contract containing a promise to pay a definite amount of money at a definite future time. The evidence of a debt.

          PRORATE – To divide proportionally to time or use.

          PURCHASE AGREEMENT – A written document in which the purchaser agrees to buy a certain real estate and the seller agrees to sell under stated terms and conditions. May also be called a sales contract, earnest money contract, or agreement for sales.

          QUITCLAIM DEED – A deed used to transfer any interest in real property that the grantor may have. It contains no warranties of any kind.

          RATE CAP – The rate cap defines rate limits, either from one adjustment period to the next or over the life of the loan.

          RATE GAP – The difference between the current rate and the rate to which it could adjust on an ARM.

          RATIFY – The agreement of both the buyer and seller to the terms offered in the real estate contract.

          REAL ESTATE AGENT (REALTOR) – A person licensed by the state who represents a broker in real estate transactions.

          REAL PROPERTY – Land, that which is affixed to the land, incidental or appurtenant to land and that which is immovable by law.

          REAL ESTATE TRANSFER DISCLOSURE STATEMENT – This must be provided by the seller, listing any known defect or problem with the house. Both agents must reveal anything they know that might be a problem with the property. See also DISCLOSURE.

          RECORDING FEES – Charged by the County or Town Clerk to record documents in public records. May be included in the borrower’s closing costs.

          RECURRING COSTS – Expenses that the buyer can expect again, year after year, such as property taxes, fire insurance, earthquake insurance, interest.

          REFINANCE – The securing of a new loan either to pay off an existing lien or mortgage on the property, or to access your equity.

          RESCIND – To cancel a contract from the beginning, restoring the parties to their original positions. Referred to as an annulment.

          SALES ASSOCIATE (Agent) – A person who for compensation or expectation of compensation acts for another in a real estate or related transaction. A real estate license is required, and individual for a real estate broker.

          SALE-LEASEBACK – A transaction in which at the time of sale the seller retains occupancy by concurrently agreeing to lease the property from the purchaser. The seller receives cash while the buyer is assured a tenant and a fixed return on the buyer’s investment.

          SECONDARY MORTGAGE MARKET – Market place for the sale and purchase of existing trust deeds and mortgages.

          SELLERS’ AGENT – Agent acts solely on the sellers’ behalf. Agent has full fiduciary responsibilities that include reasonable care, undivided loyalty, confidentiality, and full disclosure. This means the agent places the sellers’ interest above all else.

          SETTLEMENT – See “Closing.”

          SUBORDINATION CLAUSE – A clause in a junior lien permitting retention of priority for prior liens OR it may be used in a first deed of trust permitting it to be subordinated to subsequent liens as, for example, the liens of construction loans.

          SURVEY – This may be required by the title company to insure that the house is properly situated on the property.

          TENEMENT – All rights in land that pass with a conveyance of the land.

          TENENCY IN COMMON – A type of joint ownership of property by two or more persons with no right of survivorship.

          TITLE – The rights of ownership recognized and protected by law. A combination of all elements that constitute the highest legal right to own, possess, use, control, enjoy, transfer, and dispose of real estate. A title spells out who has the right of ownership of a property.

          TITLE COMPANY – The company that issues Title Insurance and employs the escrow officer.

          TITLE INSURANCE POLICY – A clear title has no liens or claims against it. This policy protects the purchaser, mortgagee, or other party against defects or losses associated with the title.

          TOWNHOUSE – Architectural term for a two or more story unit with no units above or below, but with one or more shared walls. Ownership may be in the form of condominium, planned unit development or stock cooperative.

          TRUSTEE – The third person that holds legal title to property for a special purpose without being the actual owner. A trustee is one of the parties to every trust deed.

          UNDERWRITING – These are standards set by the lender which the borrower must meet in order to qualify for the loan.

          USURY – Charging interest in excess of the maximum rate as set by law.

          VA LOAN – A loan made by a private lender that is partially guaranteed by the Veterans Administration.

          VESTING – Conveying ownership.

          WAIVER – The intentional or voluntary relinquishment of a known right, essentially a unilateral act.

          WOOD DESTROYING PEST AND ORGANISM INSPECTION – An inspection identifying existing or potential pest, dry rot, fungus, and other structure-threatening infestation or conditions. Sometimes referred to as “termite inspection.”

          ZONING – Laws passed

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