The settlement agent is required to notify the IRS that a transfer of real estate, either by sale or otherwise, has taken place by filing the 1099-S form as it is considered a "Taxable Event". The information collected is solely for filing purposes. Only the IRS or your accountant can calculate any capital gains or income taxes due to the US Treasury.

The next few questions will advise which 1099 form will be required (reporting form or exemption form). Click Next to continue.

The RTF is a tax based on the sale price for which the amount is governed by a formula set by the State of New Jersey, Division of Taxation; this amount will adjust if the sale price changes. The RTF is due at the time the Deed is submitted to the county for recording in order to file the transfer of the property.

For a residential owner-occupied property, there is a possibility to either exempt or discount this tax based on criteria carved out by the State of New Jersey.

Click Next to determine your eligibility for an exemption or discount.

Kindly contact your lender(s) and request a payoff statement good through the date of closing or later to be emailed to you or us. We will need a separate statement for each mortgage.

Even if you have a zero balance on your loan, the lender must provide a statement for closing the account and releasing the lien on the property. If you have a home equity line of credit, please request a freeze letter with the payoff statement.

If you have previously paid off the loan and your lender mailed you the original mortgage and note, stamped “Paid in Full”; please note that we will need to file those documents to release the lien; if you are unable to find these documents, kindly reach out to the lender and request replacements.

The account holder will be able to obtain the payoff easily by contacting their lender directly. Having a third party request this document will only delay delivery and possibly delay closing.