• New Laws Affecting Deed Recordings in New Jersey
  • September 1, 2004 | Author: David S. Gordon
  • Law Firm: Reed Smith LLP - Princeton Office
  • In June 2004, the New Jersey Legislature passed Assembly Bill No. 3128, which significantly affects nonresident sellers' real estate transfers and all deed recordings in New Jersey. Assembly Bill No. 3128 tightens the tax collection procedures on nonresident individuals, trusts and estates selling real property located in New Jersey, by requiring them to pay an estimated gross income tax on gains realized from the sales as a condition of the recording of the deed. The new fees and estimated tax payment requirements apply to real estate transfers occurring on or after August 1, 2004.