Buying A Town Home in Cambridge Heights in Nutley NJ

Buying A Townhome in Nutley NJ, Cambridge Heights

Hunting for condos for sale can be as exhausting as searching for a traditional house on the market. However, condominiums offer a unique set of pros and cons as compared to single family homes. The conscientious buyer should understand those differences in order to find the best pick of the market. Ultimately, no matter what type of home a buyer is in the market for, finding the right living space at the best price is every buyer’s goal.

Let’s consider three aspects of researching condos for sale in order to make the perfect purchase
Consider All The Costs – Common Charge Fees

One of the benefits of condominium living is the amenities and common areas that are provided. These amenities range from doormen, fitness centers, private parking structures and pools. All of these services will be folded in to one fee, which is either due monthly, quarterly, or yearly. It is important to keep common charge fees in mind when comparing the total cost of ownership between different condos for sale. These options also allow buyers some flexibility when choosing between different communities since the cost of common charges can vary greatly. Some communities are able to use green technology such as energy efficient windows and alternate energy sources to help reduce common charges, so it’s a good idea to ask lots of questions to find out where these fees come from and what they go towards.

Insulation And Noise Levels Every person is different in their tolerance for outside noise levels. Some people may be accustomed to living in big cities and do not mind to hear the comings and goings of their neighbors. Others prefer to find condos for sale that offer their own private sanctuary. In order to determine how well insulated a particular unit is, keep in mind these factors.

The materials of construction along with amount of insulation in the walls, floor, and ceiling will determine how much sound travels. Masonry block walls, for example, provide an excellent sound barrier. Sheet rock and concrete planks can provide insulation between floors. One major factor is the location of the condominium. The top floor will typically have less outside noise and traffic, but you will have to climb more stairs or take a longer elevator ride. Overall, make sure to match the unit with your preference before committing to a purchase.

Consider Your Potential Neighbors When Looking For Condos For Sale
Each community will have its own feeling due to the people living there. Of course, there is no way to know every person before buying or even after living in the building for a few years. However, there are a few factors that can tip buyers off concerning the environment they will be moving into. The number one question on a buyer’s mind should be whether the majority of the units are rentals or are owned outright. Owners will tend to better maintain common areas and will form a long lasting sense of community and stability among neighbors.

These three tips should form the foundation for effective market research into condos for sale in your area. For more informaton on buying townhome in Nutley go to

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

Selling Your Home in Nutley NJ, Want to get it sold fast?

Are you thinking about selling your home in Nutley NJ? Let me tell you why you need the Coldwell Banker Residential Broker Advantage.

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.


Using A Home Inspector When Buying A Home in Nutley

Using A Home InspectorWhen Buying A Home in Nutley

The purchase of a home is considered to be one of the most significant investments a person can make and as such, having the property inspected before closing serves as a final, critical step in the home-buying process. Home inspection ensures the worthiness of the investment and decreases the possibility of purchasing a property with major structural or other serious problems that may lead to significant unforeseen costs for the new owner.

Coldwell Banker real estate professionals offer the following tips for buyers to consider before completing their purchase:

Hire a Certified Home Inspector: Rely on the objective expertise of a qualified home inspector. They are knowledgeable about construction practices in the area, capable of spotting problems buyers may miss and will provide a report on the condition of the property. An inspection normally takes place after the parties have agreed on a selling price. Typically, real estate contracts contain a provision giving homebuyers a set number of days in which to have a home inspection completed. Homebuyers should get inspector referrals from their real estate sales associate, family, friends or neighbors before they go to contract. The American Society of Home Inspectors ( is also a good source.

Review Essential Areas: It is important to examine all areas of the home, including the exterior, interior, attic, basement, electric, plumbing and HVAC. Faulty construction, improper electrical wiring, inefficient insulation, old heating, building permit violations and other unseen pitfalls can lead to very expensive home repairs.

Search for Hidden Defects: Examples of hidden defects include missing roof shingles, chimney deterioration or leaks. It is also important to check behind walls. Mold, fungus and faulty wiring are often discovered in older homes. Make certain the home inspector looks in crawl spaces as well. Even small plumbing leaks can cause major problems and costs if not identified and corrected.

Review Visible Defects: Homebuyers should be aware of possible water damage, such as noticeable water stains on the ceiling, damp basement walls or musty odors. They should look for cracks in the walls, particularly around fireplaces or in foundation walls. Uneven floors and tilted stairways could indicate there has been movement in the foundation. Also, notice doors that are not perfectly vertical. If there is more space between a door and its frame at one end than at the other, the door is likely installed incorrectly.

Look for Minor Problems: Items such as doors or windows that are difficult to open or bad paint jobs may not be serious defects but could be signs of bad maintenance. Kitchen appliances should also be in good working order. Minor problems make for good negotiating points and can lead to the possibility of some concessions or a slightly reduced selling price.

Steps to Take After a Negative Inspection: If the purchase contract is contingent on inspection of the home, negotiate a price adjustment or ask the sellers to make repairs. If the problems are so significant that the home is no longer a worthwhile investment, get out of the deal and have all deposits refunded. Always have a lawyer review any agreements to make sure that there is adequate legal protection prior to the inspection process.

Looking for a New Home in Nutley New Jersey


While beginning the search for a new home can be very exciting, often times, the

process can seem a bit overwhelming, especially for those who are new to the world of real estate. Since purchasing a home will likely be the most significant investment one will ever make, there are many factors to consider and information to gather before signing on the dotted line. From location to taxes, inspections to re-sale value, knowing the right questions to ask can make all the difference.

In an effort to streamline the home buying process, the professionals at Coldwell Bankerare going back to basics. Below are the top ten things home buyers should consider during the hunt for a new home:

1. How do I determine how much I can afford? Identifying a specific price point before looking to buy a home is an important first step. By setting an overall budget before beginning a home search and sticking to it, buyers will feel confident that they will be able to afford their monthly expenses, avoid financial problems down the line and find a home that they love within their price range.

2. How can a real estate agent help me during the home buying process? Understanding the role of a real estate agent is a necessary step in the pursuit of a happy house hunt. A real estate agent oversees the transaction of the home on the buyer’s behalf, and is instrumental in making sure the process is both simple and seamless from start to finish. Therefore, it is crucial that the buyer select an expert who understands what they are trying to find.

3. Which home loan is best for me? Choosing a home loan that best suits one’s specific needs can be a complex undertaking. From fixed-rate to adjustable-rate, choosing the appropriate home loan is one of the most important decisions a buyer will make. To determine the best loan for them, buyers should speak with a qualified mortgage consultant who can assess their situation and provide an expert opinion.

4. Do I need to have an inspection? Home inspections are a crucial part of the home buying process. Before deciding on a property, it’s worth the small investment to have a home inspection completed before placing an offer on a property, even if the seller recently conducted an inspection as part of the home selling process.

5. Do I need a home warranty? A home warranty will cover expenses that arise post closing, including appliance repair and replacement costs and plumbing or electrical defects. Because each home (and its contents) is different, it is a smart idea to discuss the need for a home warranty with a real estate agent.

6. How long has the home been on the market? Before purchasing a home, the buyer should inquire about how long the property has been for sale. The length of time a home is on the market can help determine what the appropriate offer price is and whether or not this is a home that might be worth re-evaluating.

7. How much should I offer to buy the home? When a buyer decides on the house of their dreams, it is important to know how much to offer. Since this is arguably the most important step in the home buying process, it is important that they have an agent advising them every step of the way. Placing a bid too far below the asking price could result in the house being sold to a higher bidder. On the flip side, offering too much might result in money spent that could have been put towards other expenses. A real estate agent plays a critical role in reaching the balance, so that his or her client can make a reasonable offer and walk away with a signed contract in hand.

8. What are the plans for the neighborhood? Location is a significant factor in deciding which home to purchase. Looking beyond the homes proximity to schools, hospitals, etc., buyers will also want to know what plans, if any, the city has in store for the home’s surrounding area. A real estate agent can direct buyers to the right sources for uncovering any major construction projects in the works or town plans to give the neighborhood a facelift. Researching the city’s upcoming projects can often times provide insight into the home’s potential appreciation or depreciation.

9. Where are the home’s property boundaries? Land boundaries are not as obvious as one might think. What looks like a spacious backyard could be half its size depending upon where the neighbor’s property begins. Therefore it is always important to request to see paperwork that discloses the property lines.

10. How much are the home’s taxes? In addition to a monthly mortgage payment, buyers will also be responsible for covering the taxes associated with their new property. And taxes could potentially total several thousand dollars a year. Therefore discussing the home’s taxes ahead of time with your real estate agent can help a buyer understand the additional costs.

For More Information Got To

Selling Your Home In Nutley NJ, Even In This Market!

Selling Your Home In Nutley New Jersey

What does it take to sell a home in a competitive market – a fresh coat of paint or a kitchen overhaul?  Lowering the asking price or offering incentives?  From cosmetic to strategic, smart sellers can take advantage of a few simple tips to get the most out of their properties.  Here are five suggestions from the professionals at Coldwell Banker on how to help secure a “sold” sign: 

  • · Price Point is Paramount When getting ready to put a home on the market, determining the right listing price is the number one most important element in the home selling process.  After you have carefully chosen an agent, the trust you have established will come into play immediately.  Have those tough discussions with your agent about where to price your home.  Make certain you understand how the agent has arrived at the price, including how previous sales and current homes on the market make an impact.  If necessary, jump in the car with your agent and see some of the homes on the market in the area.  This will provide first hand knowledge on homes that are available in your neighborhood.


  • Appeal to Your Audience Work with your agent to determine how to get your home to stand out.  Providing incentives is a great way to draw in potential home buyers, and monetary bonuses don’t just have to come from negotiation of the listing price.  Sellers can also choose to contribute to closing costs, or conduct pre-home inspections, which can comfort potential home buyers in knowing that the property is in top shape.


  • Leave a Great First Impression Everyone talks about curb appeal, but a first impression is truly lasting.  A Coldwell Banker Real Estate survey found that 70 percent of women and 62 percent of men knew the property was “right” the first day they visited the home.  Remember, your agent is your trusted advisor.  They will know the necessary updates, upkeep, etc. you should make to hopefully get the home ready for showings.  But some of this is fairly easy and the front door is particularly important.  This is the area where a buyer will first step up to a home – and likely wait for a moment providing time to look around.  Do this ahead of time, stand directly in the front door and look up and around at the home from all angles – cobwebs that have not been noticed in years could be the first thing greeting a potential home buyer, so it’s important for this area to give a great first impression.


  • Everything is in the Visual Don’t underestimate the power of visuals in marketing your home.  The National Association of Realtors found that, more than 90 percent of home buyers begin their search online.  Your agent may push hard for you to have the home prepared for vivid pictures and video of the property that can be posted on websites such as Coldwell Banker On Location


  • Hit the Right Note with all Five Senses When a buyer comes to look at a home they want the full experience.  To help a home stand out, your agent may ask you to focus on appealing to all five senses.  Small and inexpensive upgrades to the home such as getting the walls painted, de-cluttering and making minor improvements to the outdoor landscape.  In terms of “touch,” remember that buyers aren’t just going to look – they’ll be turning on your faucets and opening closets, so make sure closets are clean and organized.  When it comes to making a home smell good, many agents prefer the smell of baked goods rather than fresh flowers or air fresheners which can be overwhelming.  All of this is being done to allow the buyer to properly visualize living in the home.

Single in the City: Tips for Single Home Buyers in Nutley NJ

Today’s housing environment has more single home buyers entering the real estate market than ever before. With inventory levels high, interest rates near record lows and affordability up in many areas across the country, many people who may have never considered buying a home in the past are recognizing that a mortgage payment on a house can actually be the same or less than what they would spend on renting an apartment or home.

For most people, buying a home is the most significant financial investment they will ever make, and perhaps even more so for singles who are making the transition on their own. With that in mind, Coldwell Banker Residentila Brokerage has come up with five tips to help single home buyers navigate the home buying process:

Keep an eye on the future. A family of one is much more likely to upsize rather than downsize. Some day someone who is single may add a significant other to their family and possibly even children. Though additional space may not be needed immediately, it’s important to consider potential future plans for a home. Keep in mind that there is no such thing as the “perfect” house. Instead, determine what is essential – number of bedrooms, approximate square footage, neighborhood, etc. And when you do move up, your first home can provide you with equity to purchase your next home or it can be kept as an investment.

Get pre-approved for a mortgage. A pre-approval will let single home buyers know where they stand financially while informing the mortgage company that they are ready to buy. Additionally, this step will demonstrate to everyone involved in the purchase that the home buyer is serious and well qualified.

Location, location, location. The golden rule of real estate applies to single home buyers as well. A recent survey from Coldwell Banker Real Estate LLC found that out of 1,000 single homeowners more than half opted for homes in suburbia rather than bachelor or bachelorette pads in urban or rural areas. Factors such as proximity to work, family and nightlife often play a role in the decision of where to purchase a home. Speaking with a Coldwell Banker Residential Brokerage agent can help narrow the search to find the location that best suits a home buyer’s needs and lifestyle.

Plan ahead for maintenance fees. Owning a home is a rewarding experience. However, being the only person with a set of house keys also means being the only person responsible for maintenance. A leaky faucet and unkempt lawn won’t take care of themselves, so be sure to include future repairs and maintenance in the budget. Also keep in mind that certain properties such as condominiums and townhomes require less exterior maintenance and might be a good option for those single home buyers who find the idea of maintaining a yard a bit daunting.

Consider resale value and longevity. Purchasing a home is a great long-term investment. However, there are many reasons single home buyers may need to move, such as relocating for a job or a lifestyle change. Therefore, it is important to think about the length of time that the home will be owned and also consider the resale value of prospective properties during the search. A local real estate agent can share the average home price of properties in the area, how long each property has been on the market and what features increase a home’s value and appeal.

For more information on buying a home in Nutley NJ go to

Eight Eco-Friendly Home Tips For Home Owners in Nutley NJ

Incorporating eco-friendly measures in homes has moved beyond installing energy efficient appliances and swapping out incandescent light bulbs for compact fluorescents – going green is giving home sellers a competitive advantage. With luxury condos touting eco-friendly features like rain water recycling, and home builders incorporating energy saving features into new homes, it’s no wonder real estate professionals say more and more home buyers are asking about “green homes.” In the end, small changes to a home can help the environment and help a property stand out among the competition.

“It makes sense on a number of levels to incorporate green principles into a home and many consumers are surprised at just how easy it is to do so,” said Matthew DeFede for Coldwell Banker Residential Brokerage. “Not only is it great for the environment. but homeowners are looking at ‘going green’ as an opportunity to have their home stand out from the crowd.”

The following are eight tips from the professionals at Coldwell Banker Residential Brokerage, that outline how to make homes sustainable, energy- and cost-efficient now, and appealing to eco-conscious homebuyers:

1. A Ray of Light: South-facing windows provide more natural daylight making a home more bright and cheery. But, more importantly, natural daylight can help keep the indoor climate comfortable during the winter months, allowing a homeowner to set the thermostat a bit lower. Alternatively, drawing shades during key daylight hours during the summer can help cut down on air conditioning needs.

2. Green Gardening: Sustainable landscaping is becoming all the rage to eco-conscious homeowners. Planting native plants, vegetation and shade trees strategically around a yard can keep a home cool during the summer and block cold winds during the winter. And native vegetation will thrive in its preferred environment without requiring excess water.

3. Switch to Green Power: The use of renewable energy in a home, such as solar, wind, water or geothermal, greatly helps reduce pollution. However, installing solar panels or wind generators property can be cost-prohibitive for some. Fortunately, many utility companies in the United States offer options to purchase a form of renewable energy that is cost efficient for the homeowner.

4. Dial it Back: Lowering the settings on water heaters, refrigerators, dishwashers and laundry machines reduces the amount of energy required to maintain the temperature. Installing low-flow sink faucets and shower heads also lessens water consumption.

5. Reuse Rain: Recycling rain water for gardening is another great way to conserve. For example, a water collection system under drains can catch the water and then reuse it for watering landscapes.

6. Less Lawn does More: Eliminate as much of the lawn as possible and plant native bushes, flowers, etc. Depending upon a number of factors (including the climate of the region), homeowners can simply cut back on the amount of space that they have to mow to promote energy conservation in lawn care.
7. Turn Old into New: Refurbish the home’s existing materials when remodeling instead of buying new ones (cabinets, tiles, flooring). If brand new appliances are required, homeowners should make sure they are energy-efficient, and should consider donating their old appliances to be recycled or reused.

8. Insulation is Key: Insulating cold-water pipes will prevent them from dripping condensation, and insulating hot-water pipes will prevent costly heat loss and save on energy bill.

For More Information Contact Nutley Real Estate Agent Matthew DeFede of Coldwell Banker Residential Borkerage

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.



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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Home Protection Plan for Nutley Home Sellers & Buyers

Coldwell Banker® Home Protection Plan for Nutley Home Sellers & Buyers

When you are trying to sell your home, you need to make it stand out from the rest. A Coldwell Banker® Home Protection Plan helps protect your potential buyers from the hassles of unexpected, covered repairs – and with our listing coverage, you’re protected too! That can help you avoid putting money into repairing or replacing items you have decided to sell.

•Customer service representatives are available 24 hours a day, seven days a week; allowing you to request service either by phone or online
•Contractor network of pre-screened, licensed1 and insured service providers is the largest in the industry.

Your Coldwell Banker Residential Brokerage sales associate can help you select the right plan. Contact us today and discover how the Coldwell Banker Home Protection Plan can help protect you and your buyers.

For more information call me at 862-228-0554

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