Pickus & Aronson

08/11/2025

CAN SOMEONE STEAL THE TITLE YOU YOUR HOUSE?

I'm sure everyone has heard the commercials about real estate theft and wondered if their deed could actually be transferred without their knowledge. Most of the New Jersey counties have begun a new program where their systems will automatically alert you if any document is recorded against your title. The program is free- all you have to do is register- and then you don't have to pay companies like "Title Lock" any longer.

• ATLANTIC: Property Alert Service https://www.atlanticcountyclerk.org/recording/

• BERGEN: Property Alert Service https://bclrs.co.bergen.nj.us/propertyalert/

• BURLINGTON: Property Fraud Alert Service
https://www.propertyfraudalert.com/NJBurlington

• CAMDEN: Property Alert Service https://camden.newvisionsystems.com/PropertyAlert/

• CAPE MAY: Property Alert Service
https://capemaycountynj.gov/1545/Property-Alert-Service

• CUMBERLAND: FraudSleuth
https://countyfusion1.kofiletech.us/countyweb/main.jsp?countyname=CumberlandNJ

• ESSEX: RECORD ALERT system https://www.landex.com/recordalert/essex

• GLOUCESTER: Property Fraud Alert https://pfa.uslandrecords.com/Default.aspx

• HUDSON: The Recording Notification Service (RNS). Recording Notification Service - Hudson County
Register Office https://hudsoncountyregister.org/recording-notification-service/

• HUNTERDON: no known service as of 4/18/2025

• MERCER: Property Alert Service
https://records.mercercounty.org/PropertyAlert/Account/Register

• MIDDLESEX: Property Alert Service https://mcrecords.co.middlesex.nj.us/propertyalert/

• MONMOUTH: Property Fraud Alert https://www.monmouthcountyclerk.com/quick_link/property-
fraud-alert/

• OCEAN: Property Alert Service https://countyclerkpas.co.ocean.nj.us/PropertyAlert/

• PASSAIC: Property Fraud Alert Service https://www.passaiccountynj.org/government/passaic-
county-clerk/property-fraud-warning-system

• SALEM: no known service as of 4/18/2025

• SOMERSET: Property Recording Notification Service
https://www.somersetcountynj.gov/government/elected-officials/county-clerk/property-recording-
notification-service

• SUSSEX: Property Alert Service https://cefile.sussex.nj.us/PropertyAlert

• UNION: Property Fraud Alert https://unionclerk.com/property-fraud-alerts/

• WARREN: no known service as of 4/18/2025

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06/28/2025

MANSION TAX UPDATE

If passed, effective July 10, 2025, a new graduated tax on high-end property sales will go into effect. This tax, known as the “Supplemental Fee to the Realty Transfer Fee" is separate from the existing Realty Transfer Fee.

Here’s the breakdown of the new tax, which would now be entirely paid by the seller, on amounts in excess of:

$1 million: The existing 1% “mansion tax” remains, but the responsibility shifts from the buyer to the seller, amending the 2004 law:

$2 million: 2% tax on the seller.

$2.5 million: 2.5% tax on the seller.

$3 million: 3% tax on the seller.

$3.5 million and above: 3.5% tax on the seller.

The new rates will go into effect July 10, 2025 and will apply to all contracts executed on and after July 10, 2025.

If there is a fully executed contract in place before July 10, 2025 and the deed is recorded before Nov. 15, 2025, the state may issue a refund for the additional tax charged under the new law. This ensures fairness for deals that may be caught in transition.

A graduated structure lessens the blow for most transactions and narrows the impact.

There is no rate increase between $1 million and $2 million—only a shift in responsibility from the buyer to seller.

08/28/2024

A thought about Estate Planning.

As a practicing attorney with over thirty years of experience, I've written my fair share of wills. Most common is for parents to leave their estates to each other, and then to their children when they pass.

Most people will take it a step further, and ask me to describe what would happen if, Gd forbid, one of their children dies before the parents. In those cases, we usually stipulate the gifts to the children should pass "in equal shares, per stirpes." That's a fancy way of saying "by representation" - if something happens to one of the children, his or her kids would inherit his or her share. Sounds pretty normal.

But in considering my own personal situation, I've begun thinking. My parents are getting older, but Gd willing, then both still have a way to go. Their wills are prepared as I described above, including the "in equal shares, per stirpes" language. If something would happen to me, what would happen with their estates when their time eventually comes?

Well, when both of my parents are gone, my sister would receive half, and my three boys would share my half. Again, that seems normal, but give it some more thought.

I've been married for thirty years, and my wife is as much a daughter to my parents as I am their son. In fact, I think they like her better than they like me. But in the scenario described above, my wife would not receive anything from my parents' estates. For some people, this might be fine. But for other people, it may create circumstances that the parents didn't intend, if they took a moment to think about it.

If I were to die, Gd forbid, years before retirement, would my wife be able to maintain her current lifestyle? And if so, for how long? We have savings and retirement accounts, but if I left this life at an earlier than usual age, would I have enough saved so that my wife could live comfortably for the rest of her life? Based upon their relationship I'd think my parents would want that, and would want their estates to assist, at least to some extent. Maybe not, but it's certainly worth thinking about.

So if this has struck a chord, have frank discussions with your children to know where they are financially, so you can make well considered decisions. If need be, take a moment to call your estate planning attorney and discuss the ramifications. And if you don't have an estate planning attorney, feel free to give me a call.

06/27/2024

URGENT BUSINESS LAW UPDATE

Per a new Federal Rule issued by FTIC, non-compete agreements will be prohibited. Trade secret and confidentiality agreements will be allowed, non-solicitation agreements will be allowed, but while there are short-term exemptions for higher salary employees with agreements already in place, other traditional restrictive covenants will be banned. The effective date is September 4, 2024.

There are particular notice provisions required of employers with higher salary employees requiring compliance, so be sure to understand your obligations if you have existing employees with these kinds of agreements.

A great discussion of the new rule is here:

On April 23, 2024, the FTC announced its Final Non-Compete Clause Rule (“Final Rule”), which bans post-employment non-compete clauses between employers and their workers. The Final Rule becomes effective 120 days after being published in the Federal Register (Effective Date). As of the date of t...

02/28/2024

New Jersey Seniors! Do you know about "Senior Freeze"?

New Jersey has a program where if you are eligible, you can be reimbursed for any increases in your property taxes each year after establishing your eligibility.

For 2022, the income limit is $150,000.00. For 2023, the limit is $163,500.00. If you make less than that and you own your home, it is likely you can qualify.

So, let's say you are eligible. What does it mean? Let's say you become eligible in 2022, and your property taxes for that year were $10,000.00. Now, in 2023, let's say your taxes go up to $11,000.00- the State of New Jersey will refund you the $1,000.00 increase!

You will need to file an application each year, but as long as you remain eligible, your first year of eligibility is your base year- and in our illustration, you'd be refunded anything you pay over $10,000.00 going forward!

More information here:

This program reimburses eligible senior citizens and disabled persons for property tax or mobile home park site fee increases on their principal residence.

02/24/2024

House prices for 2024 have been re-evaluated since November, and the forecast is stunning. I know interest rates are still high, but consider this.

If you are looking at a house now that costs $600,000.00, you can expect the price to go up to as much as $630,000.00 later this year. Not only does that mean you could pay up to $30,000.00 more for the same house, but you will also need to borrow an additional $30,000.00 in mortgage funds. which will add $175.00 to your mortgage payment each month.

Interest rates WILL come down. In fact, experts expect that to happen late this year. But if you wait to buy your new house, between the increase and purchase price, and the change in your mortgage, you may pay up to $32,000.00 more just this year!

Be smart. Buy now, refinance later. Date the rate, marry the house.