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Belmar Animal Houses?

Posted by by Monmouth County-Monroe Twp News and Real Estate Information on 16th June 2007

Belmar NJ putting ”Animal House” information online. According to a recent Asbury Park Press article Belmar NJ is putting data about rentals online which will allow visitors to keep track of legal status on those designated as “Animal Houses”.  Visitors will also have the ability to ZOOM in on these houses and find out more a few more details like the name of the owner not the tenant, address and in many instances a picture of the house. Click here for that Info. 

The article states that Belmar NJ’s population can increase from about 6,000 permanent residents to a population of 60,000 at mid summer due to the high increase in rentals. The article also claims that there were 320 summer rentals as of memorial day weekend compared to last years 356.  Read the Asbury Park Press article here.  

Need information on Landlord/Tenant Statutes? See Http://www.rentlaw.com

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Lease-Options

Posted by by Monmouth County-Monroe Twp News and Real Estate Information on 31st May 2006

Q: How do lease options work and what are the benefits?

A: Most lease-option agreements specify that a portion of the rent on the property in question is applied toward the purchase if the option is exercised. This is referred to as rent credit. Institutional lenders accept rent credits as part of the down payment if rental payments exceed the market rent and if a valid lease-purchase agreement is in effect, a copy of which must be attached to the loan application.
For sellers, lease options give them several advantages, especially in a slow market. These include a monthly rent higher than market rent, top-market value for the property and tax-free use of the option consideration until the option expires or is exercised. Also, the renter is more likely to treat the property like an owner, tax-free use of option consideration until the option expires or is exercised.
Lease-options should be read carefully for details on transferring the option and other important concerns.

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Posted in Lease Tips | 2 Comments »