N.J. Admin. Code § 19:31C-2.7

Current through Register Vol. 56, No. 17, September 3, 2024

Section 19:31C-2.7 - Submission of offers to purchase

(a) The time for submitting an offer to purchase shall remain open until the date specified in the advertisement. Unless otherwise specified in the notice, an offer to purchase shall not be submitted by telephone, facsimile, or other electronic means.

(b) All offers to purchase shall include a certified, cashiers or bank check made payable to the Authority in the amount of five percent of the offer price, which shall be held as an initial deposit. An additional deposit of 10 percent of the offer price shall be payable to the Authority on the earlier of:

1. FMERA and the potential purchaser entering into an exclusive negotiating period in accordance with 19:31C-2.1 6; or

2. A purchase agreement being fully negotiated and signed by the purchaser. The initial deposit and the additional deposit shall be applied to the purchase price at closing.

(c) Deposit checks shall be deposited by FMERA into an interest bearing account with interest accruing to the benefit of the party who submitted the offer to purchase. In the event an offer to purchase cannot be negotiated into an acceptable offer, deposits paid by the party that submitted the offer, with accrued interest, shall be returned when the Board determines to terminate negotiations regarding the particular offer to purchase.

N.J. Admin. Code § 19:31C-2.7