What is a life estate in New Jersey?

What is a life estate in New Jersey?

A life estate is a form of interest in real property that conveys the right to possess the property to a “life tenant” until the death of a named person. Upon death of the named person, the property automatically transfers to a designated remaindermen.

Is there legal requirement for late fees in New Jersey?

Is there a legal requirement for late fees in New Jersey? There is no legal requirement for late fees, but most landlords charge late fees to motivate tenants to pay rent on time and compensate for late payments.

What are the common defeasible interests in New Jersey?

Common defeasible interests are fee simple determinable, fee simple subject to condition subsequent, and fee simple subject to an executory limitation.

What are the tenant rights laws in New Jersey?

New Jersey Statutes, Title 46, Subtitle 2, Chapter 8, Section 46:8-1, et seq. ( Leasehold Estates; Landlord and Tenant) Limit for Security Deposits: No more than one and a half times the amount of monthly rent.

What are the tenant laws in New Jersey?

If the rental property is in a flood zone, landlords are required to notify every tenant. ( N.J.A.C. § 46:8-50) Landlords must disclose all known lead paint hazards. Landlords must also provide tenants, as an attachment to a written lease, with an information pamphlet on lead-based paint hazards.

When did Chapter 33 take effect in NJ?

Chapter 33 took effect on August 1, 2006 and applies to transfers of property on or after that date.

Can a landlord charge a cleaning fee in New Jersey?

In New Jersey, a landlord is not allowed to charge a cleaning fee. New Jersey landlords can only charge for repairs that are beyond normal or ordinary wear and tear. Read more » What Is Considered Normal Wear and Tear in New Jersey?

Who is exempt from realty transfer fee in NJ?

Upon recording the deed, she claims a total exemption from payment of the Realty Transfer Fee under N.J.S.A. 46:15-10 j) between husband and wife, or parent and child. Is she entitled to this exemption? A.