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Montgomery, NJ

Writing required in Real Property Transactions

12-04-09
Frank Festa
Frank Festa: Real Estate Agent in Watchung, NJ

The New Jersey Statute of Frauds, R.S.25:1-1 to -9, like similar enactments in every state, derives from the Statute for the Prevention of Frauds and Perjuries passed by Parliament in 1677, 29 Charles II, c.3. The English Statute, a total of 24 individual sections, included provisions that required transfers of land to be in writing, discouraged transfers of land in defraud of judgment creditors, and imposed formalities on oral wills of personal property. The Statute also contained provisions which required certain types of agreements to be in writing in order to be enforceable.

NJEstates.net

The first five sections of the current New Jersey Statute, R.S. 25:1-1 to -5, derive directly from the English Statute. These five sections are those which require most transactions in land or interests in land to be in writing, and provide that certain enumerated types of agreements must be in writing in order to be enforceable. The language of these sections, taken verbatim from the English Statute in 1794, has been retained virtually intact through several complete revisions of the New Jersey statutes. The remaining four sections of the New Jersey Statute of Frauds were added in the nineteenth century. R.S. 25:1-6 and -7 broadened the substantive scope of the Statute by requiring agreements to pay certain debts to be in writing and R.S. 25:1-8 added a rule of construction applicable to the first seven sections. R.S. 25:1-9 governs in detail the writing required for a real estate broker to be entitled to a commission.

The New Jersey Statute of Frauds is in need of in-depth revision. While the Statute has been revised several times as part of comprehensive recompilation projects in the past, the archaic language and expression of the English original has largely survived, making the first five sections opaque and confusing to read. The Statute has been interpreted in a large body of case law that has so changed the meaning of the Statute as to render the literal language of some sections deceptive. In addition, a good deal of this interpretive case law is conflicting and inconsistent.

In the almost 200 years since the adoption of the Statute of Frauds in this State, as well as in other jurisdictions, both the wisdom and efficacy of some of the provisions of the Statute have been debated extensively. During this same time period, however, the Legislature has seen fit not only to add provisions to the original Statute, but also, particularly in recent years, to add similar provisions in other areas of the statutes. It is appropriate under the circumstances to examine the policy reasons underlying the original provisions and to determine whether, and to what extent, these policy reasons remain valid today.

In entitling this project, the Commission has deliberately avoided the use of the term "Statute of Frauds," by way of underlining the fact that limiting opportunities for fraud is only one policy that may be served by imposing a writing requirement. The Commission identified two additional policy reasons that could support the imposition of a writing requirement in certain types of transactions: Protection of consumers, and protection of the interests of third parties in land transactions. In addition, the Commission considered intensively whether the approach of the existing statute - a writing requirement - was the best method of achieving the policy goals that were identified, or whether the identified policy goals would be better served by imposing a higher standard of proof on transactions not reduced to writing.

The Commission's approach to each type of transaction covered by the existing statute was to identify the policy considerations that would support the imposition of a writing requirement, and then to determine the nature of the writing requirement, if any, that ought to be imposed. The Commission concluded that in some instances a rule requiring a writing was unnecessary, and to some extent subversive of the Statute's purpose to combat fraud. Given the sophistication of modern rules concerning discovery and proof, it is the Commission's view that the imposition of a high standard of proof rather than a rule would unfetter the courts and allow them to best achieve substantial justice in disputes over the validity of transactions.

As a result of this method of study the Commission's recommendations range from complete elimination of the writing requirement in certain transactions, modification of provisions concerning leases of real estate, trusts in real estate, and contracts for the sale of real estate, and substantial retention of the preclusive writing requirement in the case of conveyances of land and surety contracts.

See, e.g., C. 17:16C-21 through -28 (Retail Installment Sales Act requirement that every retail installment contract must be in writing and signed by both buyer and seller); C. 56:8-42 (Health Club Services Act requirement that every health club services contract must be in writing); N.J.S. 12A:8-319 (writing requirement for a contract for the sale of securities) and N.J.S. 12A:1-201 (the Uniform Commercial Code derivative of a section of the original Statute of Frauds).

This is not intended as legal advice or as a legal opinion in any way or matter.

Paul Stillwaggon,
For All Your Real Estate Needs
Contact New Jersey Estates
Real Estate Group

E-mail: njestates@gmail.com
Web: http://www.newjerseyestates.net
908-561-5492 (Paul S) 908-310-1358 (Cell)

NJ Estates Real Estate Group
Weichert Realtors

908-561-5492
55 Stirling Road, Watchung, N.J. 07069


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SOURLAND HILLS ACTORS GUILD PRESENTS "WILLY WONKA"

GLORIA  LAUGHTON ALLSTON, GREEN, SRES, SFR: Real Estate Agent in Princeton, NJ

The Sourland Hills Actors Guild presents Willy Wonka, a full-length musical adaptation of Roald Dahl's "Charlie and The Chocolate Factory."

A multi-generational cast of 65 local singers, dancers and actors, will fill the stage with song as the magical chocolate factory is revealed, and the children discover the mystery behind the golden ticket.

Willy Wonka will be performed Friday, Nov. 13 at 7pm; Saturday, Nov. 14 at 7pm; and Sunday, Nov. 15 at 2pm in the Montgomery High School Performing Arts Center, 1016 Route 601, Skillman, NJ. Tickets are $8 at-the-door and $6 at the box office on November 9-12, from 6-9pm in the lobby of Montgomery High School. ...Live theater for less than the cost of a movie!

This is a wonderful (and inexpensive) opportunity to have a family night out and still stay close to home.

For more information call 609-240-4693

Montgomery Township Real Estate Review - Market In Last Five Years

Faina Sechzer - Princeton, Montgomery, Hopewell, NJ Real Estate Expert: Real Estate Agent in Princeton, NJ

Princeton Real Estate has released it's report on the real estate market in Montgomery Township for the last 5 years.

If you are thinking of selling your home in Montgomery Township this data could help you. If this you are considering buying a Montgomery township home for sale and wondering if now is the right time and to buy, this report could provide some answers.

The report contains some positive news, unlike most of the country that suffered much more severe real estate downturn.

Here are several key observations:

  • The good news is that the average price of $625,064 has increased 5% compared to the prices 5 years ago. Many people who bought their homes before 2003 may still see positive appreciation. That may not be the case for those who bought in the last several years. Read More: Understanding Real Estate Prices.
  • The not so good news -the average price of homes sold in Montgomery has declined 7% in 2008 vs. 2007.
  • The highest average price of the homes sold in Montgomery Township in the last 5 years was in 2005. It has declined 8% since that high.
  • The number of homes sold has declined 16%. This is coupled with an almost corresponding decline in the number of houses listed, reflecting the sellers' hesitation of selling in this market.
  • The "days on the market" has increased very slightly compared to last year, but rather significantly -70% from 2005, when the houses were selling in record times.
  • The highest average sold price was $2,300,000 -reflection of the buyers continued interest in the Montgomery Township luxury real estate. This is a 47% increase since 2004.
  • It is important for buyers and sellers to understand how how these results compare with the surrounding communities. In Princeton average price has increased 10%, in Hopewell - it has declined 9%, and in Pennington - increased 14% compared to last year. The number of houses sold has declined significantly in these communities as well as in Montgomery.

Here are the Montgomery Townhsip homes for sale in MLS:

Montgomery Township Homes for Sale $500,000 - $750,000

Montgomery Township Homes For sale $750,000 -$1,000,000

Luxury Montgomery Township NJ Homes For Sale -$1,000,000- $1,500,000

Would like to know your Montgomery Township home value and how it's weathering this market? Please call 609-553-4175 for an update.

Part of this report was first published on my Princeton Real Estate Homes web site.

OPEN HOUSE~ 22 HARLINGEN RD, MONTGOMERY TOWNSHIP NJ~ Sunday October 5, 1 - 4 PM

Lisa Ryan~Selling Princeton,West Windsor and Montgomery Township New Jersey: Real Estate Agent in Montgomery, NJ
Montgomery Township NJ
Description
Step back in time and view this absolutely quaint, charming and nostalgic circa 1812 colonial in historic Van Harlingen Village, Montgomery Township NJ. While this home features its original multi-plank pine floors and original doors, it fast forwards to the future with updated bathrooms, a large country kitchen with large screened porch, 1998 family room addition with built-in bookcases, 1999 new roof, 200 amp circuit breakers and paver patio. The two room carriage barmn is electrified and offers the opportunity to have a home office or studio. Convenient to major shopping and the award winning Montgomery school district.

Directions: Route 206 to Harlingen Road

Open House 1 - 4 PM, Sunday October 5
Hosted by Lisa Ryan 908-420-5706 (C)
Features
Bedrooms: 3
Bathrooms: 2
Parking: 2 car
Year Built: ca 1812
Lot Size: .69
School District: Montgomery Township
Square Footage: 000
Agent Name: Lisa Ryan
Broker: Prudential NJ Properties
MLS #: 5335336
Location
Powered by vFlyer.comvFlyer Id: 1923000

Lisa Ryan, Your Princeton and Montgomery Real Estate Specialist

Disclaimer: The opinions expressed by The Activerain Network and it's members and those providing comments are theirs alone, and do not reflect the opinions of Lisa Ryan and Prudential NJ Properties.  Lisa Ryan and Prudential NJ Properties are not responsible for the accuracy or content provided by The Community.

**************************************************

Are you considering a move? It would be my pleasure to help you with your real estate needs.  Please don't hesitate to contact me for assistance.

Serving Princeton Boro, Princeton Township, West Windsor, Montgomery Township, Hillsborough, Hopewell Township, Bridgewater, Lawrenceville, Franklin Township, East Windsor, Kingston, and parts of Middlesex County.



Lisa Ryan, REALTOR®

138 Nassau Street, Princeton NJ 08542

908.420.5706 (C)      609.430.1288 ext.554 (O)

www.LisaRyanRealtorNJ.com




Montgomery NJ Weekly Real Estate Market Report~ 09/12 - 09/18/08

Lisa Ryan~Selling Princeton,West Windsor and Montgomery Township New Jersey: Real Estate Agent in Montgomery, NJ

In Montgomery Township the following real estate activity was reported this week.

montgomery real estate market report 09-12, Lisa Ryan, 09-12

Data: Garden State MLS, data is deemed reliable but is not guaranteed

Lisa Ryan, Your Princeton and Montgomery Real Estate Specialist

Disclaimer: The opinions expressed by The Activerain Network and it's members and those providing comments are theirs alone, and do not reflect the opinions of Lisa Ryan and Prudential NJ Properties. Lisa Ryan and Prudential NJ Properties are not responsible for the accuracy or content provided by The Community.

**************************************************

Are you considering a move? It would be my pleasure to help you with your real estate needs. Please don't hesitate to contact me for assistance.

Serving Princeton Boro, Princeton Township, West Windsor, Montgomery Township, Hillsborough, Hopewell Township, Bridgewater, Lawrenceville, Franklin Township, East Windsor, Kingston, and parts of Middlesex County.



Lisa Ryan, REALTOR®

138 Nassau Street, Princeton NJ 08542

908.420.5706 (C) 609.430.1288 ext.554 (O)

www.LisaRyanRealtorNJ.com