D'Angelo & D'Angelo, Counsellors at Law
Frequently Asked Questions  

You may find a quick answer to your legal question among our list of frequently asked questions. 
 

General
   Corporate & Small Business
      - Why should I incorporate or form an LLC?
      - What is the difference between a corporation and an LLC?
      - What name should I choose for my corporation or LLC?
      - Can you have a corporation or an LLC with a single member?
 
   General Matters
      - How much does it cost to have a Power of Attorney prepared?
      - How much does it cost to prepare a will?
 
Corporate & Small Business
   Corporate & Small Business
      - How much does it cost to incorporate a business?
 
Real Estate
   Real Estate
      - How much does it cost for a real estate sale?
      - What other fees are associated with a real estate sale?
      - How much does it cost for a real estate purchase?
      - What other fees are associated with a real estate purchase?
      - How much does it cost to refinance a home?
      - What is your fee to prepare and record a deed?
      - Reminders for Selling a House
      - Reminders for Purchasing a House
 


General To Top
    Corporate & Small Business
          Why should I incorporate or form an LLC?
Corporations and LLCs are generally formed to limit an individual's (or individuals') liability.  While forming one of these entities will limit the exposure of an individual as a given rule, there will be a flow-through quality as pertains to tax consequences for the individual.  This means that income generated by the LLC or small corporation is reported on the individual's tax return.  Whenever tax issues arise, however, we will always advise you to speak to your accountant, because any decision with tax consequences should be reviewed with the appropriate professional.


          What is the difference between a corporation and an LLC?
Closely-held, non-publicly traded corporations and limited liability companies are both forms of legal business ownership.  Corporations are business entities wherein ownership is evidenced by shares of stock and comprised of stockholders.  An LLC is a business entity wherein ownership consists of units and is comprised of members.  While both afford protection from liability, LLCs are a less cumbersom method of ownership and allow the individual members more flexibility with fund control and profit disbursement.


          What name should I choose for my corporation or LLC?
You can't use an existing name, so we recommend that you choose three options for your corporation or LLC name.  We can then do a search of the New Jersey Business Registry and let you know what is available.


          Can you have a corporation or an LLC with a single member?
Yes.


 
    General Matters
          How much does it cost to have a Power of Attorney prepared?
Our fee to prepare and record a Power of Attorney is $275.00.


          How much does it cost to prepare a will?
Our fee to prepare a simple Will is $200.00. 


 
Corporate & Small Business To Top
    Corporate & Small Business
          How much does it cost to incorporate a business?

Our fee to incorporate a business or form a Limited Liability Company is $750.00.  This includes reserving the business name, preparing and filing a Certificate of Formation, and ordering a corporate outfit with stock certificates and company seal.

Operating agreements vary in price, depending on the complexity of your business situation.  Prices begin at $350.00.



 
Real Estate To Top
    Real Estate
          How much does it cost for a real estate sale?
Our fee for a real estate sale is $1,095.00. 


          What other fees are associated with a real estate sale?
When you sell your house, you will be responsible for paying the Realty Transfer Fee to the county clerk.  This fee differs depending on the sale price of the home.  There may be a discount if you are 62 years old.

If you have worked with a realtor to sell your home, you will pay the realtor's commission in accordance with your listing agreement.

Any open Mortgages or liens must be paid; there is a cancellation fee of approximately $100.00 for each.  Overnight mail charges may apply.

If you have a well on your property, you will be responsible for obtaining a well water test at your own expense.  This is mandated by New Jersey law.

If you are not a resident of New Jersey there will be gross income taxes due to the Division of Taxation on the sale.


          How much does it cost for a real estate purchase?
Our fee for a real estate purchase is $1,195.00.


          What other fees are associated with a real estate purchase?
In addition to the attorney fee, there are fees for overnight mailing and phone, fax, and photocopy.

If you are closing a second mortgage in connection with your purchase, there is a charge of $425.00 for the second mortgage closing.

Our Certification of Title is $200.00.  This fee is for reviewing the title binder and certifying to your lender that their mortgage is in the first lien position, and certifying to you that you will own the property free and clear of any encumbrances.

If there is a well on the property, the fee for preparation of a well certification in compliance with New Jersey Statutes is $95.00.

Should we have to send or receive any wires of funds, the fee is $35.00 for each wire.

The recording fee for a deed is $200.00.  The recording fee for a mortgage is $250.00.  A Notice of Settlement must also be recorded for both the Mortgage closing and the Title closing, the fee for both is $100.00.

The price of your title insurance policy will vary depending on the purchase price of the home and the amount of your mortgage. These charges are regulated by the New Jersey Banking and Insurance Commission.

The average cost for a survey of  property up to one acre is approximately $600.00 and $200 for each additional acre or portion of an acre.  If the property is subject to easements or unusual conditions, there may be additional costs.

Your Lender will give you an estimate of their fees and escrows. 


          How much does it cost to refinance a home?
Our fee for a refinance is $650.00.  If you have previously had a real estate transaction with our office, the fee is $575.00, since we will easily be able to obtain the appropriate paperwork from your file. 

For title and recording fees, please see above.


          What is your fee to prepare and record a deed?
If you would like to record a residential property deed that is not a part of a real estate purchase transaction, our fee is $300.00 for preparation and recording, provided that you are in possession of the current recorded deed for the property.  If you do not have a copy of your recorded deed, and a copy  must be obtained, a title company charge of approximately $20.00 will apply.


          Reminders for Selling a House

If you are selling your home, please remember to do the following:

  • Fill out our Seller's Information Sheet and return to the office
  • Forward your deed, survey, and title insurance policy
  • Obtain a Smoke Detector Certificate (and Certificate of Occupancy, if required) from your municipality
  • If there is a private well on your property, make sure to have a well water test done and forward the results as soon as they are available


          Reminders for Purchasing a House


If you are purchasing a home, please remember to do the following:

  • Forward your deposit to our office.  The amount and due date will be in your contract, and you can contact us to confirm.  Please note that the deposit check should be made out to the trust account of the sellers' attorney, but should be sent to our office.
  • Schedule your home inspections.  When you have received the report from you inspection company, please forward it along with a list of your repair requests to our office.
  • Work with your mortgage company to satisfy any requirements they have, and have them forward your commitment to our office as soon as it is available.  The due date of the commitment will be in your contract, and you can contact us to confirm.
  • Make arrangements with your insurance company to purchase homeowners' insurance on the house you are buying.  Forward a copy of the declaration page of the policy and a paid receipt for a one-year premium to our office.

 



 


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D'Angelo & D'Angelo, Counsellors at Law - 1395 Route 23 South - Butler, New Jersey 07405

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