Andrew Diaz(551) 235-3473
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Hudson County · plain English
The terms that actually come up in a New Jersey — and specifically Hudson County — transaction, explained without the jargon.
In New Jersey, a signed residential contract prepared by a real estate agent enters a three-business-day attorney review period. Either party's attorney may cancel or propose changes during that window. The contract is not firm until attorney review is completed or waived.
A New Jersey state fee paid by the seller at closing, calculated on the sale price on a sliding scale. Partial exemptions exist for senior citizens, blind or disabled sellers, and certain new construction. Confirm current rates with the NJ Division of Taxation or your attorney.
A New Jersey buyer-paid fee on residential purchases of $1,000,000 or more. Because Hudson County has substantial inventory near that threshold, it is worth checking before you set an offer price.
Payment In Lieu Of Taxes. Many newer Jersey City and Harrison buildings carry long-term abatements where the owner pays a negotiated annual payment instead of conventional property taxes. A PILOT changes your carrying cost and can expire — always check the remaining term and what happens after it.
Several Hudson County municipalities, including Bayonne, require a municipal inspection and a certificate before a property can change hands or a new tenant moves in. Requirements and lead times vary by town.
The light-rail system running through Bayonne, Jersey City, Hoboken, Weehawken, Union City and North Bergen. Proximity to a station is one of the most-cited factors in Hudson County listing descriptions.
The rapid-transit line connecting Newark, Harrison, Jersey City and Hoboken to Manhattan. PATH access is the dominant commute consideration in most Hudson County buyer searches.
A small multi-family building. These are a large share of Hudson County inventory and are filed in their own MLS classes, so they are valued against other multi-family sales rather than against single-family homes.
A commercial lease where the tenant pays base rent plus their share of property taxes, insurance and maintenance. Quoted NNN rent is not your total cost — always ask what the additional charges run per square foot.
A commercial lease where the landlord covers taxes, insurance and maintenance out of the rent. Easier to budget than NNN, and the two cannot be compared on headline rent alone.
In a multi-tenant commercial building these differ: available square footage is the space actually being offered, not the size of the whole building. Listings on this site label the figure the MLS reports as available.
Tenant Improvement allowance — money a commercial landlord contributes toward fitting out the space. Frequently negotiable and often worth more than a small reduction in rent.
Internet Data Exchange, the program that lets a brokerage publish other brokerages' listings on its website. Every listing on this site carries the listing brokerage's name for that reason.
How long a listing has been active. On this site, medians are computed over currently-active inventory, which is a different measure from how long sold homes took to sell.
Andrew Diaz will explain any of it against your actual situation — call or text (551) 235-3473. None of the above is legal or tax advice; confirm specifics with your attorney or the relevant municipality.