N.J. Admin. Code § 19:35-5.17

Current through Register Vol. 57, No. 1, January 6, 2025

Section 19:35-5.17 - Offer to purchase process for surplus real property: transfer of title and balance of purchase price

(a) Title to the surplus real property shall be transferred at the time and place, and in the manner, set forth in the executed purchase agreement for closing of title.

(b) At the closing of title, the successful offeror shall pay the balance of the purchase price. Such payment shall be made in the manner specified in the purchase agreement or, if not specified therein, by certified check, bank or cashier's check, executed money order made payable to the "New Jersey Schools Development Authority" or any successor entity.

(c) Failure of the successful offeror to pay the balance of the proposed consideration or to take title to the surplus real property, or the failure to abide by any other material term or condition of the purchase agreement shall entitle the SDA to cancel the sale and retain all money on deposit in addition to the right to exercise any other remedy available to the SDA under the purchase agreement.

N.J. Admin. Code § 19:35-5.17

Adopted by 54 N.J.R. 647(a), effective 4/4/2022