N.J. Admin. Code § 19:35-5.2

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

Section 19:35-5.2 - Offer to purchase process for surplus real property: advertisement requirements

(a) The disposition of surplus real property through the solicitation of offers to purchase shall be conducted by placing an advertisement of a Notice of Solicitation of Offers to Purchase for the sale of surplus real property in or on the following:

1. The SDA website;

2. The New Jersey State business portal;

3. The Public/Legal Notice section of a daily newspaper with Statewide circulation; and

4. The Public/Legal Notice section of a daily newspaper published or circulated in the county in which the surplus real property is located.

(b) Advertisements on the SDA website and on the State business portal shall be maintained until the period for submission of offers to purchase has ended. Required newspaper advertisements shall be published at least twice, one week apart.

(c) The advertisement for a Notice of Solicitation of Offers to Purchase shall, at a minimum, contain the following information:

1. A description of the surplus real property, including the county and municipality in which the same is located, the street address, the municipal tax block and lot numbers assigned, a metes and bounds description (if available), and a general description of any improvements constructed thereon;

2. Where more than one tract or parcel of surplus real property is included in a Notice of Solicitation of Offers to Purchase, each tract or parcel shall be separately identified and, for purposes of this chapter, such Notice of Solicitation of Offers to Purchase shall apply separately for each tract or parcel;

3. A date or time frame in which the surplus real property may be inspected;

4. Notice of the physical and/or online address where an offeror may obtain relevant forms and applicable terms and conditions of the sale;

5. Notice of the material terms of the sale. Such notice shall identify those material terms of the sale that are to be proposed by offerors and shall also identify the material terms of sale that are not subject to offer or negotiation. Notice shall be sufficient, if set forth directly or contained in related sample documents, made available for review or set forth on the SDA website;

6. A statement that the SDA may cancel the solicitation and/or reject any or all offers to purchase;

7. A statement of the place and final date for submitting offers to purchase, which shall not be less than 30 days after publication of the second advertisement;

8. A statement that the surplus real property shall be conveyed in "as is/where is, with all faults" condition and that a prospective offeror shall be responsible for conducting its own due diligence in connection with the submission of an offer to purchase;

9. A statement, if applicable, advising prospective offerors as to the SDA's reservation of a right to seek "best and final" offers from one or more offerors who timely submitted a responsive offer for the surplus real property that is the subject of the solicitation; and

10. A notice that the SDA reserves the right to negotiate with one, all, or fewer than all, of the offerors that have submitted offers to purchase advantageous to the SDA.

N.J. Admin. Code § 19:35-5.2

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