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Selling a Mortgaged Property in New Jersey: A Guide

Selling a property is a significant undertaking, and the process can become even more complex if your property is mortgaged. In New Jersey, there are specific steps and important considerations to keep in mind to ensure a smooth transaction. This guide will walk you through the process and highlight how professional assistance can simplify your experience. 

Steps to Sell a Mortgaged Property 

  1. 1. Ensure that you have Clear and Proper title.   Are you the only owner? Is there an EstateIs ownership in question? Is the property owned in a business entity such as an LLC or Corporation? 


  1. 2. Review Your Mortgage Details. Begin by thoroughly reviewing your mortgage agreements. Understand any prepayment penalties or other terms that may impact the sale. In New Jersey only commercial mortgages can carry a pre-payment penalty. If you have a hard time understanding any specific clauses or conditions related to selling the property in the agreement, it is best that you consult a professional.  

Unless your prospective buyer will take the property subject to the mortgage or assume the mortgage you should request a mortgage payoff statement from your lender to determine the exact amount needed to satisfy the loan. A mortgage payoff statement is a document that provides the exact amount needed to pay off your mortgage in full, including any interest, fees, and penalties up to the payoff date. The payoff statement is usually sent to you, your closing agent or attorney, within two weeks upon request. 

Once you have reviewed your mortgage agreement and received the payoff statement, you can proceed with the sale of your property with a clear understanding of your financial obligations. This ensures that the mortgage will be properly settled, allowing for a smooth transfer of ownership. 

Keep in mind that if you owe more than the property sells for, you will need the approval of your mortgage holder or holders to conduct what is known as a short sale. 

  1. 3. Prepare Your Property for Sale. First impressions matter. Identify areas for improvement and strategic repairs or upgrades that will enhance your property's overall value. Highlight your property's unique characteristics that meet market demands. A welcoming and visually appealing space resonates with buyers which increases your chances of a successful sale. The opposite is true a cluttered or poorly staged home can deter potential buyers and undermine your selling potential. 

  1. 4. Hire a Real Estate Agent. Select a knowledgeable real estate agent with experience in the New Jersey market. They will assist you in listing your property, setting a competitive price, and skillfully handling negotiations Law Offices of Michael Fourte, we offer comprehensive services for both residential and commercial closings. Our dedicated team will manage every aspect of your transaction, from listing your property to efficiently closing the sale, ensuring a seamless and hassle-free experience for you. 

  1. 5. List Your Property. Your chosen real estate agent will undertake the critical task of listing your property on a variety of real estate platforms. Fourte International Real Estate strategically leveraging platforms like the Multiple Listing Service (MLS) to maximize exposure to potential buyers, ensuring your property garners significant attention in the market. 

  1. 6. Accept an Offer. Once the listing generates interest and offers start rolling in, your agent will play a pivotal role in guiding you through the process. They'll assist in reviewing each offer meticulously, considering various factors such as price, contingencies, and terms. With their expertise, they'll negotiate on your behalf to secure the most favorable deal possible, ensuring that your interests are protected throughout the negotiation process. 

  1. 7. Provide Required Disclosures. Transparency is key in real estate transactions. Under the New Residential Off-Site Conditions Disclosure Act (N.J.S.A. 46:3C-1 et seq.), it is imperative to disclose all known latent issues and relevant information regarding your property's condition to prospective buyers. This ethical practice not only builds trust but also helps mitigate potential legal risks and liabilities in the future. As required by New Jersey law, buyers must be given ample opportunity to inspect the property. Law Offices of Michael Fourte will guide you in ensuring that all necessary disclosures are made in accordance with local laws and regulations. 

  1. 8. Open Escrow. Upon accepting an offer, the next step is to open an escrow account. An escrow account is typically managed by a neutral third party, where the buyer will deposit their earnest money. This earnest money demonstrates the buyer's commitment to the purchase and is held in escrow until the completion of the transaction. 

  1. 9. Coordinate with Your Lender. Communication with your lender is essential throughout the sales process. You'll need to inform your lender about the impending sale and collaborate closely with them to coordinate the mortgage payoff process with the closing agent. This ensures a seamless transition and timely fulfillment of all financial obligations associated with the property. 

  1. 10. Walkthrough. Allow the buyer to conduct a final walkthrough of the property to ensure it hasn’t changed materially from when they last inspectedThis is a good time to take note of the final meter reading for things like heating oil, water, gas and electric services that will no longer be your responsibility once title to the property is conveyed to the new buyer at settlement. 

  1. 11.Settlement. Normally, the buyer will hire a title company to conduct a title search in order to verify the property's ownership history and ensure that there are no outstanding liens, encumbrances, or legal issues that could impede the transfer of title. As the Seller you'll sign the necessary documents and officially transfer ownership of the property to the buyer, facilitated by the title company and/or the attorneys.  Beforehand you’ll need to draft a deed transferring the property, as well as other documents and forms required by the State Government, Federal Government, buyer’s Title company and the buyer’s lender. 

  1. 12. Pay Off the Mortgages. With the sale proceeds in hand, it's time to settle any outstanding mortgage obligations. Your lender will be paid off using the funds from the sale, and any remaining proceeds will be disbursed to you as outlined in the terms of the sale agreement. This final step brings closure to the transaction, allowing you to move forward with confidence knowing that all financial matters have been satisfactorily resolved. 

  1. 13. Post Closing This is a good time to cancel all utility services to ensure you are not overbilled.    You can expect that the deed you signed will be recorded in the County records by the Buyer or his title company within a few weeks of your closing  Your lender should also record what is known as a satisfaction of mortgage which gives notice in the public records that your mortgage has been paid offYou should also look for the same notice on your credit report.  Keep in mind that when you sell real estate for a profit the IRS and NJ Department of Taxation will be looking for a cut of the proceeds.  It is advisable to speak to your financial professional about the tax implications of the sale. 

By Jerrom Abainza, 2026 JD Candidate, Legal Assistant 
and Michael W. C. Fourte, Esq 


Avoid the Hassle of Selling a Mortgaged Property 

Selling a mortgaged property can be complicated and time-consuming. Why deal with these challenges alone when you can get expert assistance? Whether you're buying or selling, let Fourte International Real Estate and Law Offices of Michael Fourt be your partners in achieving your real estate goals.  

Why Choose Us? 

  • Expertise: With 20+ years of experience and a commitment to excellence, we are a team of real estate agents and legal professionals who have extensive experience in New Jersey and New York real estate markets. 

  • Personalized Service: We tailor our services to meet your unique needs and preferences, providing attentive guidance every step of the way. 

  • Transparency: We believe in open communication and full transparency, keeping you informed and empowered throughout the closing process. 

  • Peace of Mind: Trust us to handle all legal and financial aspects with precision and care, giving you peace of mind during this important transaction. 

Contact us today to learn more about how we can help you sell your property quickly and efficiently! 

  • Fourte International Real Estate 

  • Phone: +1 (973) 380 - 0580 

  • Email: 

Let us take care of the complexities so you can focus on your next move. 

 4th graders' camping trip

 Thrilled to support the bright young minds at Charles H. Bullock School in Montclair, NJ!


#FIRE #fourteinternational #fourterealestate #CommunitySupport #EducationMatters #ProudSponsor #MontclairNJ

Memorial Day Reflections: A Profound Encounter with Distinguished Guests and Monument Restoration Announcement

📸 Captured a powerful moment at the Memorial Day ceremony hosted by the Soldiers and Sailors Monument in Riverside Park. Honored to stand alongside distinguished guests like Mayor Eric Adams, Manhattan Council Member Gale Brewer, NY State Assembly Member Linda Rosenthal, and New York City District Attorney Alvin Bragg.

As President and CEO of Fourte International Real Estate and the Law Offices of Michael Fourte, I'm privileged to connect with influential figures who share a deep commitment to the legal profession and our country. While I have attended events with other New York City District Attorneys, meeting Alvin Bragg, whose father and uncles were dedicated veterans, resonated profoundly with my own service as a Captain in the Navy reserves.

Memorial Day reminds us of the tremendous sacrifices made to safeguard our nation. It's a poignant tribute to the brave men and women who fought valiantly to defend our freedoms. 🙏🏼🇺🇸

It is a pleasure to serve on the board of this great monument. The politicians announced on Memorial Day that our Monument will receive $62M in needed renovations restoring this iconic tribute to all Veterans back to its original glory.



            #MemorialDay #HonoringVeterans #ProudToServe #SaluteToService #GodBlessAmerica

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The New Jersey Real Estate Institute:
A Pathway to a Brighter Future

The New Jersey Real Estate Institute (NJREI) has been recognized as an Eligible Training Provider by the New Jersey Department of Labor. This certification reflects the quality of the school's training programs and the recognition of the institution as a trusted provider of real estate education.

For individuals who are currently receiving Unemployment Insurance, NJREI offers a unique opportunity to receive full tuition coverage. This means that the cost of training for a career in real estate may be fully covered by the State of New Jersey.

Many people who are currently unemployed are searching for new career opportunities that can provide stability and financial security. Real estate is an industry that offers a wide range of job opportunities, from real estate agent to broker, and can lead to long-term success and financial independence.

At NJREI, students receive comprehensive training in all aspects of real estate, including sales, leasing, property management, and more. The curriculum is designed to provide students with the knowledge and skills needed to succeed in the real estate industry, and the instructors are experienced professionals who are committed to providing a high-quality education.

In addition to the comprehensive training programs, NJREI offers students the opportunity to network with professionals in the real estate industry, providing them with valuable connections and resources that can help them advance their careers.

If you are currently on Unemployment Insurance and are interested in pursuing a career in real estate, NJREI offers a unique opportunity to receive full tuition coverage. For more information, please call 973-380-0580 and speak with one of our knowledgeable representatives.

Our graduates are at every major brokerage throughout New Jersey. NJREI is a trusted and recognized provider of real estate education in New Jersey, offering comprehensive training programs and opportunities for networking with industry professionals. With the certification as an Eligible Training Provider and the opportunity for full tuition coverage for those receiving Unemployment Insurance, NJREI is a pathway to a brighter future for anyone seeking a new career in real estate.

Visit our website NJREI - New Jersey Real Estate Institute for more details!

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What will this recent rise in interest rates mean to the NJ Housing Market?

Last Wednesday the Federal Reserve raised the interest rates ¼ point.  While this was largely done to fight inflation, it could have an effect on the New Jersey Real Estate Market.

The Federal Reserve's recent increase in interest rates has caused a lot of concern among the real estate market, particularly in New Jersey. The real estate market is a major contributor to the state's economy and any changes in interest rates can have a significant impact on the industry. When interest rates rise, borrowing becomes more expensive. This can result in a decrease in consumer spending, as people have less disposable income to put towards buying a home. As a result, the demand for homes may drop, leading to a slowdown in the real estate market.

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However, it's important to note that the impact of rising interest rates on the real estate market varies depending on the local economy and real estate market conditions. In New Jersey, the impact may be felt more acutely due to the state's high cost of living and relatively expensive housing market. Despite the challenges posed by rising interest rates, it's important to remember that the overall real estate market in New Jersey remains strong. The state is home to several thriving cities, including Newark, Jersey City, and Hoboken, which continue to attract new residents and businesses. This steady demand, combined with the state's robust economy, may help to offset the impact of rising interest rates. 

It can be difficult to determine specific areas in New Jersey that will hold their real estate values during times of rising interest rates, as various factors such as local economy, job market, and demand for housing can also impact real estate values. However, historically, areas with strong economies and high demand for housing, such as coastal cities or desirable suburbs, tend to be more resilient to changes in interest rates. It is best to consult a local real estate professional or market analyst for more specific information on the real estate market in a certain area.  Properties in affluent areas and multifamily properties tend to hold their values despite interest rate fluctuations.  This principal remains true even outside of New Jersey.

Ultimately the Federal Reserve's increase in interest rates may present some challenges for the New Jersey real estate market, the state's strong economy and thriving cities will likely help to mitigate the impact. Ultimately, the real estate market in New Jersey is poised to continue growing and thriving in the years to come.  Fourte International Real Estate is a brokerage firm dedicated exclusively to real estate matters.  If you are unsure what your next move should be, give us a call and speak with one of our agents.

5 Reasons Why You Need a Top Real Estate Attorney at Your Closing

Purchasing real estate is one of the most important decisions a person will make in their lifetime. Having a skilled professional real estate attorney present at a real estate closing is important for several reasons:

1. Legal Expertise: An attorney can provide legal expertise on the terms and conditions of the sale agreement, including any contingencies that need to be satisfied, and ensure that the transfer of ownership is done according to the law.

  1. 2. Protection of Interests: An attorney can advise and protect the interests of the buyer and the seller, making sure that all obligations are fulfilled and that no disputes arise in the future.
  1. 3. Review of Documentation: An attorney can review all closing documents, including the title report, mortgage documents, and any other contracts, to ensure that everything is in order and that the terms and conditions are in line with the agreement.
  1. 4. Resolution of Issues: An attorney can help resolve any issues that may arise during the closing process, such as disputes over property lines or liens on the property.
  1. 5. Closing Process Facilitation: An attorney can help facilitate the closing process, ensuring that all parties are in agreement and that the closing takes place smoothly and efficiently.
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The Law Offices of Michael Fourte (LOMF) is a firm dedicated exclusively to real estate related matters. The Managing Attorney, Michael Fourte, holds a Real Estate Broker's license and actually trains and certifies real estate agents at brokerages throughout New Jersey. This additional qualification provides a deeper insight into the real estate industry as a whole.  Clients benefit by not only having a firm that deftly handles real estate transactions and disputes with ease but can also provide sound advice and effectively negotiate real estate deals. Furthermore, LOMF can leverage its vast network of attorneys, agents, salespersons, property managers, landlords, contractors and other real estate professionals to create opportunities for business growth and development.

In sum, having a seasoned expert real estate attorney present at your real estate closing is important to provide legal expertise, protection of interests, review of documentation, resolution of issues, and facilitation of the closing process. An attorney can help ensure that the transfer of ownership is done according to the law and that all parties are satisfied with the outcome.

New Fair Choice Housing Law

Breaking Barriers: New Jersey's Fair Chance in Housing Act


Are you looking to navigate the tricky world of fair housing law as a landlord, real estate agent, or mortgage lender? Or trying to figure out your rights as a tenant or homebuyer? Look no further! This article gives you the lowdown on the new Fair Choice in Housing Act (FCHA). It's the legal eagle's guide to ensuring your rental, sale, or financing decisions aren't discriminatory.  So, whether you're a property pro or a housing newcomer, this is the information you need to fly right. 

Initial Application or Advertisement: Under the FCHA, housing providers are not allowed to ask about criminal history on initial applications or during interviews before making a housing offer. It's also unlawful for housing providers to publish advertisements that prohibit applicants with criminal records from applying for a unit. There are two exceptions, however: whether an applicant has ever been convicted of drug-related criminal activity for the manufacture or production of methamphetamine on the premises of federally assisted housing, or whether the applicant is subject to a lifetime registration requirement on a state sex offender registry. 

Criminal History Information that can Never be Considered: Housing providers can never, either before or after the issuance of an offer, ask about certain types of criminal records or rely on them in rejecting an applicant. This includes arrests or charges that have not resulted in a criminal conviction, expunged convictions, convictions erased through executive pardon, vacated and nullified convictions, juvenile adjudications of delinquency and records that have been sealed. 

Conditional Offer: If a housing provider chooses to evaluate criminal history, it may do so only after a conditional housing offer has been made. Before considering the applicant’s criminal history, the landlord must provide a Disclosure Statement informing the applicant that the eligibility criteria for the unit includes the applicant’s criminal history and appraising the applicant of their right to demonstrate mitigating factors, i.e., inaccuracies in their criminal record or evidence of rehabilitation. 

Withdrawal Process: If a housing provider finds certain offenses in an applicant’s record, the housing provider may withdraw the conditional offer only if withdrawal is necessary to fulfill a substantial, legitimate, and non-discriminatory interest. In so doing, the housing provider must perform an individualized assessment based on various factors including the nature, severity, and relevance of the offense, the length of time since the offense, and the individualized circumstances of the applicant. 

The FCHA is a game-changer for individuals with criminal records who are seeking housing in New Jersey. It's a sign that the state recognizes that everyone deserves a chance at a fresh start, regardless of their criminal history information once they have it. Housing providers can never rely on certain types of criminal records (such as arrests without convictions or expunged records 

If you are considering renting your apartment and need expert real estate guidance you’ve come to the right place. 

African Library Project

Books arrived at Rangwe Primary School!

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After nearly a year long journey, we are happy to share that the books arrived at Rangwe primary school. The kids were very excited and showed their brightest smiles while checking the boxes. The teacher-librarian Jacktone Ouko provided feedback that the books are so good, and the children love them so much. Thank you for all your support!

“You cannot make people learn. You can only provide the right conditions for learning to happen.”

- Vince Gowmon


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Give us a thumbs up to follow this story and the kids journey

Update – African Library Project



The books have arrived!
Thanks to everyone's generosity, all of the books you have donated finally made it and arrived safely in the port of Mombasa, Kenya.  The books were unloaded and are currently being distributed from an intermediate marshalling location at Rongo University before distribution to the 4 primary schools at Toloso, Matulo, Ragnwe and Shekinah which are located in Western Kenya near Lake Victoria.
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Want to see where it all began almost a year ago? Click here to see our earlier blog post

Want to see a better map just check out ALP - Google My Maps

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Mombasa, Kenya





Follow Fourte International on social media to learn more about our commitment to social responsibility and other activities that we take part in both within the US and internationally.  Together we can make a difference. 

New Jersey 2019 Anchor Benefit


NJ homeowners and renters are getting paid! $1,500 in property tax rebates available to homeowners and $450 for renters, according to assembly speaker Craig J. Coughlin, allowing for tax relief for two million households. He encouraged those eligible to apply.


  • Homeowners with incomes up to $150,000 will receive $1,500 and those with incomes up to $250,000 will receive $1,000
  • Renters with incomes up to $150,000 will receive $450
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    Eligible homeowners can apply online, by phone, or via paper application, which can be downloaded online and returned by mail. Renters can apply online, or download the application from the Taxation website and return by mail. There is no phone option for tenants at this time. The deadline for filing is December 30, 2022.

    More Information

    African Library Project

    help build a library in africa

    Fourte International founders Michael and Mary Fourte are collecting books to create a library in Kenya

    social responsibility

    We believe that social responsibility is an ethical framework in which corporations are accountable for fulfilling their civic duty and taking actions that will benefit society as a whole. We believe that companies are not only responsible for making profits but also to protect the interests of the community and society as a whole. We believe that global literacy helps strengthen a global economy.

    COLLECTED: 2700
    Goal: 3000

    join us to Help African Children learn to read

    African literacy as a continent is only 66.8%, and we know that the road to literacy starts with elementary school.

    Help us by donating SOFT cover gently used books between the Kindergarten and 8th Grade Reading levels.  

    NO books about politics, religion, holidays or country specific history.  A biography about "Barack Obama" or "George Bush" is maybe ok, but not a book about "U.S. Presidents."

    how to help

    Drop Off Locations

    • New Jersey Drop Off Locations:
    • Fourte International Real Estate 212 Pompton Avenue, Verona NJ 07044

      New York Drop Off Locations:

      Contact us at

      Other Ways to Contribute:

    Purchase Books
    Amazon Wish List
    Cash Contribution